Sprint Profit, Revenue Falls As It Books Non-cash Charges

Sprint Corp. said Thursday it had a net loss of $2.379 billion, or 60 cents a share, in its fiscal third quarter, wider than the $1.038 billion loss reported a year ago, weighed down by non-cash charges of $2.1 billion. Revenue edged back to $8.973 billion from $9.142 billion. The FactSet consensus was for a loss per share of 24 cents and revenue of $8.800 billion. The company said it had postpaid net additions of 30,000, or 302,000 from the second quarter, while postpaid churn rose by 12 basis points to 2.30 percent. "We acknowledge there is a long way to go to reach our goals, including lowering our postpaid churn rates to competitive levels," Chief Executive Marcelo Claure said in a statement. "Our network performance continues to improve, and we are now focused on a strategy that will unlock the true potential of our spectrum assets." Shares rose 4.6% in premarket trade but are down 6.9% in the last three months, while the S&P 500 has gained 0.9%