Sprint reported a quarterly revenue drop of 8.7 percent as revenue from its wireless business declined, and new and existing customers opted for its installment plans.
According to the company’s quarterly finance report, the wireless giant reported a loss of $20 million or 1 cent per share for the first quarter ending June 30. A year prior, Sprint reported a profit of $23 million or 1 cent per share.
The company, which is 80 percent owned by Japan’s SoftBank Corp, said net operating revenue fell to $8.03 billion from $8.79 billion.
CEO Marcel Claure has also announced the hiring of new a chief financial officer and a new chief operating officer.
On Monday afternoon the company announced that it hired Tarek Robbiati, the former head of Australian consumer finance company FlexiGroup, as CFO, while Günther Ottendorfer will serve as chief operating officer for technology. Current CFO Joe Euteneuer will “leave the company following an orderly transition of responsibilities.”
According to Re/Code, the company is likely to lose its number 3 spot to rival carrier T-Mobile.
Also taking on a new title is current network chief John Saw who will become the wireless firm’s chief technology officer, reporting to Ottendorfer.
Claure has continued to shake up the company’s ranks since taking office. Upon his arrival several other higher-ups left the organization for other firms.
During the company’s earnings report on Tuesday, Sprint is expected to reveal a loss of eight cents per share. Analysts will be paying close attention to the number of subscribers Sprint attracted and retained, along with the number of prepaid customers the company has secured.
This article was syndicated from Business 2 Community: Sprint Quarterly Revenue Down 8.7 Percent As Company Hires New CFO
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