Sprint's Stock Turns Lower After Preliminary Results Disclosed

Shares of Sprint Corp. turned lower in morning trade Tuesday, after the telecommunications company disclosed preliminary second-quarter results. The company said in a filing with the Securities and Exchange Commission that losses for the quarter ended Sept. 30 narrowed to $142 million from $585 million a year ago. The latest quarter's results included a $218 million gain related to spectrum swaps with other carriers. Revenue rose 3% to $8.25 billion, above the FactSet consensus of $8.00 billion. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $2.35 billion from $2.01 billion, just shy of the FactSet consensus of $2.39 billion. Total platform net additions were 740,000, while churn improved to 1.52% from 1.54%. The stock dropped 1.2%, after being up as much as 3.5% earlier in the session. It was still up 89% year to date, while the S&P 500 has gained 4.7%.