Sprint Corp (S.N) reported better-than-expected first-quarter revenue on Monday as big discounts helped it attract more postpaid subscribers, and the No. 4 U.S. wireless carrier said it had enough money to fund its business this year.
Analysts and investors had raised questions about Sprint's financial position after majority owner SoftBank Corp (9984.T) agreed earlier this month to buy UK chipmaker ARM Holdings Plc (ARM.L) for $32 billion.
"We expect that we will have adequate sources to provide all the capital necessary to fund the business and repay the debt maturities due in FY 16," Chief Financial Officer Tarek Robbiati said on a conference call with analysts.
Sprint, whose shares rose more than 18 percent in early trading, reported 173,000 postpaid wireless additions in the three months ended June 30 - the biggest increase for any first quarter in nine years.
That compared with a net loss of 12,000 subscribers in the same period last year.
The quarter also had the lowest postpaid phone churn in the company's history, Chief Executive Marcelo Claure said in a statement. Postpaid phone user churn, or the rate at which subscribers defect to other networks, was 1.39 percent.
"We believe the turnaround story is taking shape," Wells Fargo analyst Jennifer Fritzsche said in a client note.
However, the company's net loss widened to $302 million, or 8 cents per share, in the period from $20 million, or 1 cent per share, a year earlier.
The latest quarter included contract termination charges of $113 million, primarily related to an agreement with wireless carrier Ntelos.
Sprint, in which Japan's SoftBank holds a more than 80 percent stake, said its net operating revenue fell marginally to $8.01 billion. Analysts on average had expected $7.98 billion, according to Thomson Reuters I/B/E/S.
Up to Friday's close of $4.62, Sprint's shares had risen 27.6 percent since the start of the year.
Sagicor Financial Corporation has completed its headquarters move from Barbados to Bermuda, at least on paper.
In a brief statement Thursday, the company announced that “further to the grant of approval by its shareholders at a meeting held on June 8, 2016, the company has continued as an exempted company under the laws of Bermuda with effect from July 20, 2016 under the name Sagicor Financial Corporation Limited”.
The company first announced its intention to relocate in January last year, following Standard & Poor’s downgrade of Sagicor Life’s rating from BB+ to BB-, and Sagicor Finance Ltd’s US$150 million ten-year senior unsecured notes to B from BB-.
This came on the heels of the lowering of Barbados’ sovereign rating to B from BB- by the same international ratings agency, less than two weeks prior.
Company officials had also announced that three jurisdictions – Trinidad and Tobago, the United Kingdom and Bermuda – were chosen as the most favourable jurisdictions to redomicile. However, after careful research by experts, Bermuda was chosen.
Sagicor is a leading provider of financial services in the Caribbean. Operating in 22 countries, including the USA and Latin America, Sagicor has total assets of US $6.4 billion and $739 million in capital. The Sagicor Group offers a wide range of products and services including life insurance, pensions, annuities, group and individual health, banking and asset management.
A widely held publicly- traded company with over 36,000 shareholders, the company is currently listed on the stock exchanges of Barbados, Trinidad and Tobago and London.
(Barbados Today) The Opposition Barbados Labour Party (BLP) believes the report released yesterday by the Central Bank of Barbados (CCB) did not paint a pretty picture of the state of the country’s economy.
Despite the CCB’s announcement of 1.3 per cent growth in the first half of this year compared to 0.5 per cent during the corresponding period last year, the BLP today pointed to a number of worrying trends.
“There are three simple facts that ought to stand out in the minds of Barbadians from the Central Bank’s economic release for the first half of 2016. The fiscal deficit of the Government has increased; the Central Bank continues to print money to finance Government’s expenditure; [and] the foreign exchange market has deteriorated as evidenced by the fall in net international reserves,” economist and BLP Christ Church East Central candidate Ryan Straughn said in a statement.
(Reuters) Yahoo Inc (YHOO.O) is focusing on U.S. telecommunications company Verizon Communications Inc (VZ.N) as the buyer of its core business to after reviewing final bids that it received this week, people familiar with the matter said on Friday.
A deal would boost Verizon's AOL internet business, which the company acquired last year for $4.4 billion, by giving it access to Yahoo's advertising technology tools, as well other assets such as search, mail, messenger and real estate. These synergies have made Verizon the favorite among industry analysts to prevail in the auction.
The sale would also mark the end of Yahoo as an operating company, leaving it only as the owner of a 35.5 percent stake in Yahoo Japan, as well as its 15 percent interest in Chinese e-commerce company Alibaba Group Holding Ltd (BABA.N). Those two stakes account for most of Yahoo's $37 billion market capitalization.
PARIS (AP) -- France's top court has ruled that International Monetary Fund chief Christine Lagarde must stand trial in France over a 2008 arbitration ruling that handed 400 million euros to a politically-connected business magnate.
Lagarde, who was French finance minister at the time of the deal in favor of tycoon Bernard Tapie, is accused of negligence in the case. She has denied wrongdoing.
A special court ruled in December that Lagarde should stand trial, but she appealed. France's Court of Cassation on Friday rejected the appeal.
Lagarde's lawyers did not immediately respond to the decision. Lagarde, who was in China on Friday at a Group of 20 summit, has said she had acted "in the best interest of the French state and in full compliance with the law."