On Wednesday, Sprint Corporation (NYSE: S) announced its financial results for the fourth quarter of fiscal year 2016, with revenue increasing and loss narrowing, but still missing estimates.
According to the company, the loss in the fourth quarter of fiscal 2016 was $283 million, or $0.07 per share, nearly half of its loss from last year. However, the results missed analysts’ estimates for a loss of $0.04 per share. Revenue was up 5.8% to $8.54 billion in the fourth quarter, beating expectation of $7.97 billion.
In addition, the company said in the statement that total net additions reached 187,000 in the quarter, which include wholesale and affiliate net additions of 125,000, prepaid net additions of 180,000 and postpaid net losses of 118,000.
“Sprint took a big step forward in the second year of our turnaround plan,” Marcelo Claure, the CEO of Sprint, said in the statement. “Net operating revenues returned to growth and cost reductions accelerated, leading to the highest operating income in a decade and a return to positive adjusted free cash flow.”
The company also reported its financial results for the full year 2016 in the statement. Revenue for fiscal 2016 was $33.35 billion, and loss was narrowed to $1.21 billion, or $0.30 per share. Total net additions for the full year 2016 were 1.9 million, including postpaid net additions of 811,000, wholesale and affiliate net additions of 2.1 million, and prepaid net losses of 1.1 million.