Sprint Corporation (NYSE:S) held steady on markets in Monday’s first hour, after reporting results for the fiscal year 2019 second quarter, including stability in postpaid wireless service revenue and continued growth in postpaid net additions.
The company also reported a net loss of $274 million, operating income of $237 million, and adjusted EBITDA of $2.6 billion.
CEO Michel Combes said, "I am proud of the resiliency of the Sprint team as they work to deliver results in a challenging environment. However, I remain convinced that merging with T-Mobile and building one of the world's most advanced 5G networks is the best outcome for all consumers, employees, and shareholders."
Sprint, according to Monday’s news release, "continued its focus on cost optimization during the quarter by driving year-over-year gross reductions in cost of services and selling, general and administrative expenses, with most of the reductions coming from network optimization and more efficient sales and marketing spend."
The cost-cutting measures, the company adds, have been offset by incremental costs associated with network coverage and capacity improvements, along with other customer experience initiatives.
Sprint completed the initial launch of its True Mobile 5G network and recently announced that the service now covers approximately 16 million people within nine metropolitan areas where, customers with 5G devices are experiencing dramatically faster speeds, with initial 5G performance results showing a nearly 6X increase in average download speed compared to Sprint LTE
