Sprint Corp (NYSE:S) stock was hit hard on Tuesday after the release of its earnings report for the fiscal second quarter of 2016.
Sprint Corp reported losses per share of 4 cents for its fiscal second quarter of 2016. This is better than the losses per share of 15 cents that it reported during the same time last year. It also came in above Wall Street’s estimate of 7 cents in losses per share.
Revenue reported by Sprint Corp in its fiscal second quarter of 2016 was $8.25 billion. This represents a 3% increase over the wireless company’s $7.97 billion in revenue from the fiscal second quarter of 2015. Analysts were expecting the company to report revenue of $7.97 billion for the quarter.
Sprint Corp pointed out that this is the first time in more than two years that its revenue has increased year-over-year. It also saw a year-over-year increase in postpaid phone net additions during its fiscal second quarter of 2016.
Sprint Corp reported a net loss of $142 million in its fiscal second quarter of 2016. This is better than its net loss of $585 million that it reported during the same time of the year prior. It also saw operating income of $622 million for the quarter. This is up from the operating loss of $2 million from a year ago.
Sprint Corp also increased its guidance in its recent earnings report. The company now expects operating income for fiscal 2016 to be in the range of $1.2 billion to $1.7 billion. Its previous outlook had operating income sitting between $1 billion and $1.5 billion.
S stock was down 8% as of Tuesday afternoon.
