Sprint, the No.4 U.S. wireless carrier, forecast a jump in full-year operating income as it continues to slash costs to offset the heavy discounts it had offered to attract customers.
Shares of Sprint were higher in premarket trading immediately following the announcement. (Get the latest quote here.)
Sprint, majority-owned by Japan's SoftBank, said it expected operating income for the year ending March 2017 to be $1 billion to $1.5 billion, a big rise from the $310 million in operating income it posted for the year ended March 31.
The Overland Park, Kansas-based company added 447,000 subscribers in the fourth quarter ended March 31, trailing the average analyst estimate of 518,100, according to research firm FactSet StreetAccount.