Sprint on the Upswing

Sprint logoThings are looking up for Sprint, as the U.S. carrier posted its first quarterly profit in years and exceeded analysts’ estimates. It was expected that Sprint’s revenue would top $8.75 billion and lose 263,000 subscribers in Q1. Instead, it brought in revenues of $8.79 billion – for a net income of $23 million – and lost only 245,000 subscribers. It was a improvement from the previous quarter, when Sprint lost 333,000 subscribers.

Some analysts are crediting the new Sprint Framily plan for the growth.

“Good subscriber numbers would be a surprising sign that Framily is working better than people expected,” Colby Synesael, an analyst with Cowen & Co. in New York, was quoted as saying. “This could mean that they might be adding customers by the end of the year.”

The good news also had an impact on Sprint shares, which rose 1.3 percent to $8.10.

*Source: Bloomberg