Sprint (NYSE:S) reported its latest quarterly earnings results after hours today, bringing in underwhelming results that included a loss, a lower number of subscribers, as well as an inability to complete its proposed merger with T-Mobile (NASDAQ:TMUS) due to a series of regulatory roadblocks.
The Overland Park, Kansas-based cell carrier posted its fourth quarter figures for its most recent period, bringing in a loss of $2.2 billion. The business added that its total number of subscribers was down by 8,000 when compared to the previous quarter, which saw a net addition of 48,000 subscribers.
Sprint is being negatively impacted by the fact that the company has yet to merge with T-Mobile in the companies’ proposed $26 billion deal as federal regulators are still reviewing the potential impact of the move. Antitrust considerations are being taken into account in a deal that would shake the landscape of the cell phone carrier space.
The business also said that for the period, it added 169,000 devices, although it relied on 358,000 “data device” that includes tablets and wearables to offset the losses of 189,000 phone users. Sprint finished its fiscal 2018 with just under 54.5 million subscribers, which is below the 54.6 million users from its fiscal 2017.
The company added that its revenue for the period came in at $8.44 billion, topping the $8.21 billion Wall Street guidance, per Yahoo Finance. “Sprint delivered on its plan for fiscal 2018, as we met all of our financial guidance for the year,” said CEO Michel Combes said in a statement.
“While we’ve made progress, there are certainly continued challenges to address, which will continue to put pressure on our service revenue and retail customer growth.”
S stock is down about 2.9% on Tuesday after hours following the company’s quarterly earnings figures. Shares had been gaining about 0.9% during regular trading hours as Sprint geared up to report its results.