Sprint Second-quarter Losses Narrow And Revenue Rises

By Emma CourtMarketsMarketWatch Pulse

Sprint Corp. shares dipped 2.5% in premarket trade Tuesday after the company exceeded second-quarter revenue and earnings expectations and raised its 2016 operating income guidance. Losses for the latest quarter narrowed to $142 million, or a 4 cent per share loss, from a loss of $585 million, or 15 cents per share in the same period a year ago. Chief executive officer Marcelo Claure said the company "took another step forward in our plan toward sustainable profitability and cash generation" in the second quarter. Revenue rose to $8.25 billion from $7.98 billion, above the FactSet consensus of $8.05 billion. Sprint also raised its 2016 operating income guidance from between $1 billion and $1.2 billion to between $1.2 billion and $1.7 billion. Sprint shares rose 17.3% over the last three months, compared with a 0.8% decline in the S&P 500 .

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