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Sprint quarterly report shows massive profit

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Sprint quarterly report shows massive profitUS mobile carrier Sprint has revealed in its first fiscal quarter of 2014 earnings report that it has accrued a net income of $23 million – their largest figure in seven years. It has also announced the near completion of its 3G network, and the expansion of its LTE coverage to cover an estimated 254 million people.

After years of struggle, things are finally starting to look good for the company. Sprint’s earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.83 billion has exhibited a year-over-year growth of 30 percent.

Last quarter, Sprint was dealt a massive blow when it lost a total of 383,000 customers. This number, however, has gone down considerably to 220,000. The drop in the number of customers switching is definitely a good sign for the company.

However, Sprint also admitted that the postpaid gross additions were increased 16 percent by the network, in comparison to the same quarter last year. Additionally, retail smartphone sales nearly reached 5 million. 503,000 wholesale and affiliate customers were also added during this quarter. By the end of the first fiscal quarter of 2014, the network was serving more than 53 million subscribers.

Sprint expects its total 2014 adjusted EBITDA to have a value between $6.7 and $6.9 billion.

Via [Android Central]

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