Sprint Corp adds 1.2 million Net Customers
Telecommunications major Sprint Corp has added about 1.2 million net customers. The company also saw subscribers defect to other rival companies at a lower rate as the wireless company ramped up its turnaround efforts.
In early trading, shares of the company were up about 0.6% at $5.18. According to reports, under Marcelo Claure, chief executive officer of Sprint Corporation, the telecommunications company reduced costs, added new stores, lay off staff and refurbished its management.
After taking the position of Chief Executive at the company, Claure worked to improve subscriber metrics by offering new schemes like cutting bills in half to switch from other carriers, hand-delivery of new phones and doubling its data capacity. He tried every possible way for the growth of the company.
Sprint, which has headquarters in Overland Park, is about 80% owned by Japan's SoftBank Corp. According to the company, it added more than one million net customers, which is the company’s the highest in three years. Last year, the company suffered from a net loss of 383,000 customers.
On the Sprint platform, the company said that it has added 211,000 new postpaid users, or wireless customers who pay on a monthly basis after usage. In 2014, the company had loss of 231,000 customers. Postpaid churn was about 1.84%, which was 2.11% in 2014.
The company reported that net operating revenue fell more than 6% to about $8.3 billion. The revenue was below analysts' revenue forecast of $8.43 billion. According to the company, its net loss extended to $224 million in the quarter that ended March 31. Last year, net loss was of $151 million.
Sprint’s forecast for the year adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) between $6.5 billion and $6.9 billion. According to the company, it expects capital expenditures of about $5 billion.
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