Why Sprint Corp. Shares Jumped 11.5% Today
Shares of American telecom Sprint (NYSE: S) jumped by as much as 11.5% Tuesday morning, reacting to a decent quarterly earnings report and management's hints that a buyout bid might be on the horizon. As of 2 p.m., they were up about 10%.
In the first quarter of its fiscal 2017, which ended June 30, Sprint reported GAAP earnings of $0.05 per share and $2.9 billion in adjusted EBITDA profits, all culled from net operating revenues of $8.2 billion. This was the company's first net profit in three years, its largest EBITDA haul in a decade, and a solid effort overall.
On top of that, Sprint CEO Marcelo Claure offered an update on the company's hunt for a merger partner.
Source: Fool.com
