Sprint Eases Worry of the Investors with Shares Climbing
Sprint Corp., the wireless carrier might just have won the worried investors on its side as the company reported gains on Tuesday during its quarterly update.
Customer counts of the company climbed and so did the progress on major elements in the company's complex turnaround plan. Following the report, the company's shares scaled up 18.7 percent.
The gains filled more than half the gap of losses for the Overland Park-based company's investors, which they had suffered in the two earlier weeks.
Sprint's chief executive Marcelo Claure said, "We're on a good trajectory. Sprint has improved on every metric" after the quarterly reports were released.
The company said 366,000 added cellphone subscribers in the last quarter of 2015. Sprint also boasted of an enhanced network rating. The company lost $836 million in the last quarter but managed to save almost $800 million due to cuts on spending.
At the day's end shares of Sprint was up 47 cents at $2.99. Sprint ended 2015 with total 58.359 million subscribers standing in the fourth place among the national carriers.
However, the company's total number of customers was down from September quarter mainly due to the exclusion of 710,000 connections on the WiMax network which Sprint has decided to shut down.
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