Thursday, February 10, 2011

Sprint (NYSE:S) Adds 1.1 Million New Wireless Subs

Although Sprint (NYSE:S) missed analysts' estimates by a penny, for the first time in almost 5 years they added over a million new subscribers in a quarter.

In the fourth quarter the company lost 31 cents, a penny short of the 30 cents a share analysts were looking for.

Sprint Chief Executive Officer Dan Hesse said, “I am pleased with the progress Sprint made in 2010 in each of our three focus areas. Sprint’s customer experience and brand continued to strengthen during the year, and we generated excellent cash flow. It had been almost five years since we added over a million customers in a quarter."

Of the approximate 1.1 million new subscribers, 519,000 were net subscribers and about 646,000 were net prepaid subscribers.

Revenue in the quarter rose to $8.3 billion, beating projections of $8.16 billion.

Sprint was trading at $4.53, up $0.18, or 4.02 percent, as of 11:26 AM EST.

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