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April 16, 1997updated 05 Sep 2016 1:04pm

SPRINT EXPECTS LOWER GLOBAL ONE LOSSES IN 1997 DESPITE Q1

By CBR Staff Writer

Sprint Corp has reported first quarter net profit down 6.1% at $290.0m after charges of $17.3m for Global One losses and $51.9m on Sprint PCS, against a period that included charges of $12m on Global One, $12m on Sprint PCS and $4m from discontinued operations, on revenue 7.3% ahead at $3.62bn. Net earnings per share slipped 13% to $0.67. Commenting on the figures, Sprint says it expects to have lower losses in 1997 from Global One than it sustained in 1996, but increased costs for its Sprint PCS cellular venture. Personal Communication Services losses in the first quarter were below expectations but we believe these losses will ramp up over the balance of the year, Sprint said.

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