Sprint swings to a profit as subscribers grow

Industries Reuters

(Reuters)

Sprint on Tuesday swung to a quarterly profit for the first time in three years as the No. 4 U.S. wireless carrier launched aggressive new promotions during the period to win subscribers.

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The company, majority owned by Japan's SoftBank Corp , said net income was $206 million, or 5 cents per share in the first quarter ended June 30, compared to a loss of $302 million, or 8 cents per share, a year earlier.

Net operating revenue was $8.16 billion, up from $8.01 billion.

Analysts, on average, expected a net loss of 1 cent per share on revenue of $8.11 billion, according to Thomson Reuters I/B/E/S.

(Reporting by Anjali Athavaley; Editing by W Simon)