Sprint Q2 Preliminary Net Loss Narrows

(RTTNews) - Sprint Corp.(S) reported that its preliminary net loss for the second-quarter ended September 30, 2016 was $142 million, compared to a net loss of $585 million in the year-ago period. The latest quarter included a non-cash after-tax gain of $218 million related to certain spectrum swaps with other carriers.

Operating income was $622 million compared to an operating loss of $2 million in the year-ago quarter, an improvement of $624 million. The quarter included a pre-tax non-cash gain of $354 million related to certain spectrum swaps with other carriers.

Total net operating revenues of $8.25 billion grew 3 percent year-over-year and wireless net operating revenues of $7.85 billion grew nearly 5 percent year-over-year.

Total Sprint platform net additions were 740,000 in the quarter, including postpaid net additions of 344,000, prepaid net losses of 427,000, and wholesale and affiliate net additions of 823,000.

Sprint platform postpaid results include 347,000 postpaid phone net additions, which doubled from the prior quarter and increased from 62,000 in the prior year - a more than 5x increase.

Total Sprint platform postpaid churn of 1.52 percent in the quarter improved by two basis points year-over-year, while postpaid phone churn of 1.37 percent was the lowest in company history and improved 12 basis points from the prior year quarter.