Sprint Shares Gain Premarket After Company Returns To Profit In Q1

Shares of Sprint Corp. were up more than 3% in premarket trade on Tuesday after the wireless company reported earnings for its fiscal first quarter that were above Wall Street expectations. Net income came in at $206 million, or 5 cents per share, after a loss of $302 million, or 8 cents in the same quarter a year ago. FactSet's consensus was for a loss of 1 cent per share. Revenue for the quarter was $8.16 billion, up from $8.01 billion last year and in line with FactSet's $8.16 billion consensus. Sprint said it added 61,000 total customers in the quarter, despite losing 39,000 postpaid customers. The company also said it is increasing the low end of its operating income expectations for the full year and is forecasting a range of $2.1 billion to $2.5 billion. Sprint previously expected operating income of $2.0 billion to $2.5 billion. Shares of Sprint have declined more than 5% in the year to date, while the S&P 500 index is up more than 10%.

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