Sprint Corp. (S) - Get Report posted a narrower-than-expected third quarter loss Monday and said its continuing to work with state attorneys general in advance of is $26 billion merger with T-Mobile U.S. (TMUS) - Get Report.
Sprint said its loss for the three months ending in December came in at 3 cents per share, one penny ahead of the Street consensus forecast, as group revenues slipped 6% to $8.08 billion, just shy of analysts' estimates of an $8.19 billion tally.
Sprint said it lost around 115,000 mobile phone subscribers paying a monthly bill over the quarter, a figure that is up modestly from last year but well south of the 160,000 loss expected from analysts polled by Refinitiv.
"I continue to be impressed by the commitment of Sprint employees to deliver results during this period of uncertainty," said CEO Michel Combes. "As we await a decision in the state attorneys general lawsuit, I continue to believe the merger with T-Mobile is the best way to deliver the benefits of competition to American consumers."
Sprint shares were marked 124% lower in early trading following the earnings release to change hands at $4.76 each, extending its six-month slide to 38.8%.