Amidst the possibility of a merger with rival telecom provider T-Mobile, Sprint reported a slight quarterly loss on Wednesday. The company declined to conduct a press conference on its earnings.
Sources indicated that both telecommunication giants were setting up a special committee from their boards to discuss a potential merger between them the third and fourth largest such companies in the United States.
A possible announcement is expected by November, which will create a company that will have more than 130 million subscribers, behind only Verizon Communications and AT&T.
Just like T-Mobile, Sprint was not available to comment on the merger. Sprint reported net additions of 279,000 phone subscribers who pay a monthly bill in the quarter. Analysts at Wells Fargo also anticipated an addition of 225,000.
In the quarter ending September 30, Sprint reported a net loss of $48 million, or one cent of company’s share. This is better than last year’s result at the same time, which was $142 million or four cents per company’s share. Analysts had expected the loss to be two cents a share.
Sprint recorded a net revenue of $7.93 billion, which is less than last year’s numbers of $8.25 billion