Sprint, T-Mobile report quarterly gains as merger looms

Sprint announced Wednesday that it had added a net of 57,000 users to its network in the first quarter of its 2018 fiscal year, to bring its total count to about 54.57 million. The quarterly results come as the Overland Park, Kansas-based wireless provider waits for regulators to approve its proposed $26 billion merger with rival T-Mobile.

Sprint, the No. 4 wireless network in the U.S., reported profit of $176 million, or about 4 cents per common share, for the quarter ended June 30. That was down from $206 million, or about 5 cents per common share, during the same quarter last year. However, that beat the estimate of a loss 1 cent per share of 14 analysts polled by Zacks Investment Research.

The telecom company reported revenue of $8.13 billion for the quarter, down from about $8.16 billion for the same quarter last year.

New Sprint CEO Michel Combes offered virtually no guidance Wednesday on how the company’s merger efforts are progressing, The Kansas City Star reports.

T-Mobile CEO John Legere, who would take over the combined companies after a merger, said Wednesday he is confident that the deal will win approval because of its “pro-competitive” benefits, according to The Star. 

T- Mobile also reported earnings Wednesday, announcing profit of $782 million for the quarter. The company reported a total of 75.62 million subscribers as of the end of June.

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