Sprint, the nation's fourth largest carrier, has ended the quarter with a profit for the first time in three years. Sprint's quarterly profit amounted to $206 million, up from a $302 million loss in the same period last year. Revenue dropped 4.5% to $8.16 billion.
The company just recently had its efforts to merge with cable operator Charter Communications rebuffed, but squeezed out a quarterly profit amidst cost-cutting efforts.
Most importantly, Sprint was able to gain 88,000 new postpaid additions during the quarter that ended on June 30th, 2017, the eight consecutive quarter of additions for the carrier. The growth pace, however, has slowed down from the 173,000 additions Sprint had in the same period last year.
Sprint also scored 35,000 new pre-paid additions, up from a loss of 306,000 in the same period last year, but less than the 291,000 prepaid additions in the preceding quarter.
Sprint CEO Marcelo Claure said that the profit was "an important milestone" for the carrier on its way to transform its cost structure.
Sprint stock reacted to the news going up by 3% to $8.20.
source: Sprint Financials