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CORPORATE REPORT: Charter, Sprint and HSBC
01 August 2017, 10:50 | Maryann Sutton
In Tuesday’s pre-market deals Sprint was up 3
Meanwhile, SoftBank's efforts over the past few years to whip Sprint's finances into shape via deep cost cuts and investment in its wireless and sales networks are finally paying off. Sprint reported a $206 million net profit for the April-June quarter Tuesday, marking its first quarter in the black in three years. Last month, T-Mobile CEO John Legere said he hasn't ruled out a combination with his wireless rival, though he's also told investors not to expect any imminent deal.
The company said it had 88,000 postpaid phone additions during the quarter, the eighth consecutive period of expansion.
"Sprint reached an important milestone this quarter by returning to profitability for the first time in three years". Revenue totalled to $8.16 billion, compared to $8.01 billion in the previous year and analysts' expectations of $8.11 billion.
"We think an announcement will be coming in the near future", Claure said, adding that this would likely be a "vertical" or "horizontal" integration with one of the potential partners that Sprint is talking to.
The company also lifted its full-year forecast. Claure said he was "a bit surprised" to see that announcement and that Charter talks were part of a "bigger play".
"There's a lot of different goodness to it", Claure said on a call with reporters after the results were released.
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"This represents the progress of a turnaround journey that has delivered improvements in postpaid phone and prepaid customer growth, a return to top-line growth, and a significantly transformed cost structure", said Sprint CEO Marcelo Claure. But striking a deal with a deep-pocketed partner has become much more hard over the last two years as Sprint has seen its stock rise.
Sprint has been involved in exclusive talks with Charter and Comcast Corp. since May about potential deals, including one that would allow Comcast and Charter to offer wireless service under their own brands using Sprint's network.
A Charter spokesman declined to comment on Monday on whether the company would sell to the wireless carrier.
Charter's shares closed at $391.91, up 5.8 percent, after hitting a record high of $399.95. Sprint owes billions in debt that will come due over the next several years, which will severely limit its ability to leverage its valuable pile of 2.5 GHz spectrum.
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