No. 4 U.S. wireless carrier Sprint added more subscribers than expected in the third quarter, helped by promotions, and posted a smaller quarterly loss as it cut costs.
The company added a net 405,000 subscribers who pay their bills on a monthly basis in the quarter ended Dec. 31. Analysts were expecting 380,000, according to market research firm FactSet StreetAccount.
“Sprint is turning the corner,” Chief Executive Marcelo Claure said in a statement.
The company earlier this year said it plans to add 5,000 jobs in the United States as a part of a previously disclosed pledge by SoftBank.
The company said its net loss narrowed to $479 million, or 12 cents per share, from $836 million, or 21 cents per share, a year earlier.
Churn, or customer defections among wireless retail customers who pay bills on a monthly basis, increased to 1.67% of total wireless subscribers, compared with the average analyst estimate of 1.6%, according to FactSet.
Net operating revenue rose to $8.55 billion from $8.11 billion, beating analysts’ average estimate of $8.27, according to Thomson Reuters I/B/E/S.
Shares of the company were up 1.5% at $9.25 in premarket trading on Tuesday.