Official earnings in the network, Intelsat - Primary Nav1
By Sinead Carew 5 Min Read Reuters - Sprint Corp official earnings in the network a decline in third-quarter revenue on Wednesday, losing more subscribers than expected following the shutdown of its older network, and warned that customer defections would remain high in coming quarters.
But investors shrugged off the results because they do not expect big improvements at the No. Shares rose 1. Sprint, which is 80 percent owned by SoftBank Corp, is revamping its network after years of customer losses. Sprint reported net subscriber losses offor the quarter.
Six analysts contacted by Reuters expected losses of roughlyon average. Sprint said it suffered from service problems in the quarter due to its work on the network as well as the expected loss of corporate customers due to the June shutdown of its iDen network, which was used mostly by business customers. Sprint, whose churn rate was 1.
Sprint did not give any timetable for when it could return to net customer growth. One hope is that Sprint will eventually massively official earnings in the network its network and offer customers far more capacity than its bigger rivals at a cheaper price because of its Clearwire deal, which brought vast amounts of wireless airwaves.
Analysts have been especially anxious for Sprint to reveal its plans due to concerns it could spend a lot more than expected on integrating the spectrum. Sprint said on Wednesday it expects to integrate the Clearwire spectrum into its network in markets with a population of million people by the end of CEO Hesse said the company, which is well behind bigger rivals in upgrading its network, was on track to install higher-speed Long Term Evolution technology in markets with million people by the end of It did not report earnings per share because of the SoftBank deal.
Sprint shares were up 10 cents, or 1.