Sprint shares Q1 report, still making a loss with network upgrades
Sprint has released its financial report for Q1 2014, which boasts a record operating income of $420 million, the company's best in over seven years. That's where the good news comes to an end as the company's report also highlights a loss of $151 million in the quarter alone, but compared to Q1 2013 this is at least a substantial improvement. The carrier is still experiencing issues with 4G LTE upgrades, more affordable plans launched and customers switching providers.
The report also states the carrier had a net loss of 231,000 postpaid customers during the quarter, which was down to network outages associated with the company's network upgrades. The prepaid sector of the business posted a net loss of 364,000 customers, which was primarily caused by alterations made to the Lifeline program recertification process, impacting customers subscribed to Assurance Wireless. This was offset by the addition of 121,000 wholesale and affiliate customers in Q1.
The report closed with the announcement that almost 3 million customers are subscribed to the Sprint Framily plan. Things aren't looking too bright for the carrier, but we'll have to see how reports shape up once network upgrades have been completed.