S&P 500 (NYSE:SPY) component Sprint Nextel Corporation’s (NYSE:S) first quarter loss narrowed, beating estimates. Sprint Nextel Corp. offers a range of wireless and wireline communications products and services.
Sprint Nextel Earnings Cheat Sheet for the First Quarter
Results: Loss narrowed to $439 million (loss of 15 cents/diluted share) from $865 million (loss of 28 cents/share) in the same quarter a year earlier.
Revenue: Rose 2.8% to $8.31 billion YoY.
Actual vs. Wall St. Expectations: S beat the mean analyst estimate of a loss of 22 cents/share. Estimates ranged from a loss of 11 cents per share to a loss of 30 cents per share.
Quoting Management: “With net subscriber additions of 1.1 million, best ever postpaid churn and growing net operating revenues, Sprint maintained the momentum we had exiting 2010,” said Dan Hesse, Sprint CEO. “We’ve added two million wireless subscribers over the past two quarters. In spite of Verizon’s (NYSE:VZ) iPhone launch and aggressive competitive responses to it, our simple and unlimited plans, 4G leadership, strong customer service, and successful multi-brand strategy drove solid Sprint performance for the quarter.”
Competitors to Watch: AT&T Inc. (NYSE:T), Verizon Communications Inc. (NYSE:VZ), Clearwire Corporation (NASDAQ:CLWR), Deutsche Telekom AG (DTEGY), MetroPCS Communications, Inc. (NYSE:PCS), Leap Wireless Intl., Inc. (NASDAQ:LEAP), NTELOS Holdings Corp. (NASDAQ:NTLS), United States Cellular Corp. (NYSE:USM), Telephone & Data Systems, Inc. (NYSE:TDS), and CenturyLink, Inc. (NYSE:CTL).
Today’s Performance: Shares of S are trading at $5.02 as of April 28, 2011 at 8:15 AM ET, up over 4% from the previous close.