Sprint Corp. announced this morning that its third-quarter net operating revenues for 2016 hit $8.5 billion, up more than 5 percent from the same period in FY 2015. It was the second consecutive quarter of net operating growth for the Overland Park telecom company.
In a news release detailing its quarterly performance, the company also said that net growth in post-paid phone additions hit 368,000 for the quarter, the highest level in four years. That also beat both Verizon and AT&T for a fourth consecutive quarter, and reflected a ninth straight quarter of year-over year impovement.
Combined with other cost-cutting moves amounting to more than $1.6 billion so far this fiscal year, Sprint trimmed its quarterly net los to $479 million, with operating income of $311 million. That’s well down from a net loss of $836 million for the quarter a year ago.
“Sprint is turning the corner,” CEO Marcelo Claure said. “Even with all the aggressive promotional offers from our competitors, we were still able to add more postpaid phone customers than both Verizon and AT&T while continuing to grow revenues, take costs out of the business, and improve the network.”
The $8.5 billion in net operating revenue was up $442 million from Q3 2015, while $500 million in cost-cutting measures for the quarter boosted the year-to-date level to the $1.6 billion figure. The release said Sprint remains on track to hit its goal of a sustainable reduction of at least $2 billion in run-rate operating expenses for FY 2016, and plans further reductions in fiscal year 2017 and beyond.