Boston, MA 10/31/2013 (wallstreetpr) – Sprint Corporation (NYSE:S) has posted third quarter revenue that indicate a decline as compared to the same quarter a year ago. The company continues to grapple with the menace of its subscribers pulling out at a faster rate than expected mostly due to shutdown of its older iDen network. The company anticipates the defections to continue in the coming quarters. The results did not harm the company stock as analysts and investors maintained their confidence in the company thus pushing the stock up by 1.8%. Sprint Corp which is owned 80% by Softbank posted net subscriber losses of 360,000 in comparison to its fierce rival Verizon Wireless which added new 927,000 subscribers.
The company intends to counter the massive withdrawals by working to improve its data service speeds and adding a new array of capacity from spectrum that was previously being used by iDen Network. Investors expect the company to do well in the coming days amidst the backing of Softbank which bout it for $21.6 billion. Amidst the massive withdrawal of subscribers the company was still able to record profits totaling $383 million. This is a massive improvement considering the company had made losses totaling $767million before being bought by Softbank.
Sprint corporation revenues slightly dropped to $8.68 billion from $8.76 billion. Sprint projects net earnings of the margins $5.1 and $5.3 billion before interest, taxes depreciation and amortization. The company lost net contract subscribers totaling 535,000 in the third quarter compared to losses of 1.05 million before turning off the Nextel Network. The company customer turnover rate stood at 2.09% as compared to 2.63 a quarter before. The company in Q3 was able to move iPhones totaling 1.4 million. The number of postpaid customers that called it quits in third quarter stood at 360,000
