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Why Sprint’s Estimates Are Already Ahead of Wall Street

October 18, 2016, 1:17 PM UTC
Inside A Sprint Corp. Store Ahead Of Earnings Figures
A customer talks on a cell phone while exiting a Sprint Corp. store in Woodhaven, Michigan, U.S., on Thursday, Oct. 29, 2015. Sprint Corp. is scheduled to release earnings figures on November 3. Photographer: Laura McDermott/Bloomberg via Getty Images
Photograph by Bloomberg via Getty Images

Sprint, the No. 4 U.S. wireless carrier, estimated quarterly operating revenue above analysts’ expectations as heavy promotions helped attract more postpaid customers.

The company, majority owned by Japan’s Softbank Group Corp , said on Tuesday that postpaid subscriber additions doubled to 347,000 from the prior quarter.

The company also estimated a postpaid phone churn, or the rate at which subscribers defect to other networks, of 1.37% for the second quarter ended Sept. 30, an improvement of 12 basis points from the year-earlier quarter.

Net revenue rose 3% to $8.25 billion, beating the average analyst estimate of $8.02 billion, according to Thomson Reuters.

Sprint’s net loss fell 75.7% to $142 million. The latest quarter included a non-cash after-tax gain of $218 million related to certain spectrum swaps with other carriers.

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The company’s shares rose 1.8% to $7.05 in pre-market trading. Up to Monday’s close, Sprint shares have nearly doubled this year.

Sprint is scheduled to release results on Oct. 25.