Sprint (S) Stock Plunges as Earnings Miss Estimates
NEW YORK (TheStreet) -- Sprint (S) - Get Report stock is down by 8.12% to $4.47 in pre-market trading on Tuesday, following the release of the company's 2015 second quarter financial results.
The wireless communications company posted a loss of 15 cents per share for the most recent quarter, better than the loss of 19 cents per share for the year ago period.
Revenue declined year over year to $7.98 billion from $8.49 for the 2014 second quarter.
Analysts surveyed by Thomson Reuters had forecast for a loss of 8 cents per share on revenue of $8.12 billion.
Sprint expects full-year 2015 adjusted EBITDA to be near the low end of its previous forecast of a range between $7.2 billion and $7.6 billion.
"As seen in our quarterly results, American consumers are happy to switch to Sprint because they appreciate great products and great service at a great price," CEO Marcelo Claure said in a statement. "This quarter marked an inflection point in our turnaround journey, as we achieved positive postpaid phone net additions for the first time in over two years."
Additionally, on Sunday the company revealed plans to cut costs by $2.5 billion during fiscal 2016.
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