Sprint profitable for first time in three years

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For the first quarter of its 2017 fiscal year, Sprint reported its first profit in three years.

Sprint also scored 35,000 new pre-paid additions, up from a loss of 306,000 in the same period past year, but less than the 291,000 prepaid additions in the preceding quarter.

Chief Executive Marcelo Claure said Tuesday the profit was "an important milestone" that reflects progress in the company's journey to boost its revenue and customer growth and transform its cost structure.

The company just recently had its efforts to merge with cable operator Charter Communications rebuffed, but squeezed out a quarterly profit amidst cost-cutting efforts.

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Sprint has been involved in exclusive talks with Charter and Comcast Corp. since May about potential deals, including one that would allow Comcast and Charter to offer wireless service under their own brands using Sprint's network. Hence the aggressive promotions.

In its latest quarter, Sprint added 88,000 customers that pay a monthly bill, its most lucrative customers, versus 173,000 the year before.

Sprint added 61,000 total users in the quarter.

Revenue grew year-over-year for the fourth consecutive quarter.

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Some customers may be wary of Sprint since it's unclear it'll be around in its current form.

Both Comcast and Charter already have an MVNO deal with Verizon Wireless but are still adamant to explore business opportunities with Sprint as the Overland Park, Kansas-based carrier is understood to be ready to offer them more favorable terms. It called for a merger of Sprint and Charter, controlled by SoftBank. The spokesman also turned down requests for comments on whether the negotiations would continue or whether a different price would perhaps regain Charter's interest in a possible buy out. The company's adjusted EBITDA of $2.9 billion was its highest in almost 10 years.

The company increased its fiscal year 2017 adjusted EBITDA guidance from a prior range of $10.7 billion to $11.2 billion to a new range of $10.8 billion to $11.2 billion.

Shares in the company, which have risen 30% over the past 12 months, climbed 2.8% to $8.20 in premarket trading.

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