Sprint Corp.
Posted on: Thursday, 31 July 2003, 06:00 CDT
Despite a 3 percent fall in revenue, phone giant Sprint Corp. (NYSE: SDE, $8.81) posted a second-quarter profit of $7 million Monday, and the performance of both its long-distance and wireless operations exceeded analysts' expectations.
Sprint's profit came after a loss of $68 million in the same quarter a year ago. The company's revenue fell to $6.5 billion from $6.7 billion, reflecting the ongoing turmoil facing Overland Park, Kan.-based Sprint and many of its rivals in telecommunications.
Shares of Sprint PCS, the wireless unit, rose 30 cents, 4.8 percent, to $6.62 on the New York Stock Exchange before the earnings report was released. The stock fell to $6.39 in extended trading.
Shares of Sprint FON, the landline division, were unchanged at $15.19 in regular trading and reached $15.32 in the after-hours session.
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