Sprint is sliding despite topping estimates and raising guidance
(Sprint CEO Marcelo Claure speaks during the National Council of La Raza annual conference in Kansas City, Missouri July 13, 2015.Reuters/Dave Kaup)
Sprint reported earnings a smaller than expected loss Tuesday after posting its first year-over-year revenue gain in two years.
The mobile carrier posted a loss of $0.40 per share, less than analysts' expectations of a $0.80 per share loss.
Revenue also beat analyst expectations at $8.25 billion against projections of $7.96 billion, according to a release from the firm. This was the first time revenue beat the same quarter in the previous year over the past two years.
The company also raised guidance, edging up projected full year operating income to $1.2-$1.7 billion from $1-$1.5 billion.
"We took another step forward in our plan toward sustainable profitability and cash generation with this quarter’s results,” said CEO Marcelo Claure in a press release accompany earnings.
Sprint's stock jumped 5.65% on Monday after the AT&T-Time Warner merger provided a boost to most stocks in the telecom sector. Following Tuesday's earnings, however, Sprint's stock was down slightly in pre-market trading. As of 8:23 a.m. ET, the stock was down roughly 2.5% at $6.75 per share.
(Markets Insider)
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