Sprint Corp (NYSE:S) stock was on the rise today following the release of its earnings report for its fiscal third quarter of 2017.
During its fiscal third quarter of the year, Sprint Corp reported earnings per share of $1.79. However, the company saw a one-time tax benefit of $7.1 billion for the quarter. When removing this benefit, it reported losses per share of 2 cents. This still comes in above Wall Street’s losses per share estimate of 4 cents for the period.
Sprint Corp reported operating income of $727 million for its fiscal third quarter of 2017. This is up from its operating income of $311 that was reported in its fiscal third quarter of 2016.
Net income reported by Sprint Corp in its fiscal third quarter of the year was $7.16 billion. Taking out the tax benefit that the wireless company saw during the quarter, net income was $104 million. S reported a net loss of $479 million in the same quarter of the previous year.
Revenue reported by Sprint Corp in its fiscal third quarter of 2017 was $8.24 billion. This is down from its revenue of $8.55 billion reported in the same period of the year prior. Despite this, it was still a boon to S stock by beating out analysts’ revenue estimate of $8.18 billion for the quarter.
“Sprint has now added postpaid phone customers for 10 consecutive quarters and added prepaid customers for four consecutive quarters,” Sprint Corp CEO Marcelo Claure said in a statement. “This momentum, along with a continued focus on the cost structure, is driving improvements in profitability metrics and adjusted free cash flow.”
S stock was up 3% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
