Sprint Losses Near $400M So Far This Year

Sprint Corp. reported a net loss of $274 million during its fiscal-year second quarter, bringing its year-to-date total losses to $393 million. That’s quite a contrast from the same period last year, when Sprint earned $380 million.

The company recently passed another hurdle in its proposed $26.5-billion merger with T-Mobile last month when the FCC approved the deal, but the two are still facing a 16-state lawsuit against the measure that says it will be unfair to consumers, though some states have left the suit, the latest being Colorado last month. The trail date is set for Dec. 9. 

“I am proud of the resiliency of the Sprint team as they work to deliver results in a challenging environment,” said Sprint CEO Michel Combes, in a press release. “However, I remain convinced that merging with T-Mobile and building one of the world’s most advanced 5G networks is the best outcome for all consumers, employees, and shareholders.”  

Revenues were down during the quarter and year to date. Net operating revenue so far this fiscal year came in at $15.9 billion, down from $16.6 billion in 2018. Total Sprint subscribers came in at 53.9 million at the end of the quarter, down from 54.3 million last year, making it the fourth-largest carrier in the country, below T-Mobile’s 84.2 million, Verizon’s 118.7 million and At&T Mobility’s 162.3 million.