Sprint Shares Gain 4% After Q4 Revenue Beats Expectations

By Trey Williams Markets MarketWatch Pulse

Shares of Sprint Corp. rose nearly 4% in premarket trade on Wednesday after the mobile phone company reported fourth-quarter revenue that was above Wall Street expectations. Sprint reported a net loss of $283 million, or 7 cents per share, for the quarter, which was an improvement from the year-earlier period when the company reported a loss of $554 million, or 14 cents per share. Sprint's per-share loss was wider than expected, however. Analysts tracked by FactSet were forecasting a loss of 4 cents per share. Revenue for the quarter hit $8.54 billion, compared with $8.07 during the same period a year ago and above FactSet's consensus of $7.90 billion. Sprint said it added 187,000 new wireless customers, while experiencing a 1.75% churn rate. Shares of Sprint have gained nearly 8% in the year to date and more than 147% over the last 12 months. By comparison, the S&P 500 index is up nearly 7% in the year and 16% in the prior 12-month period.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.