KANSAS CITY, Mo.-Sprint Corp. reported a net income of $211.7 million, or 49 cents per share, during the third quarter, compared with net income of $312.4 million, or 72 cents per share, for the same quarter last year.
Sprint said its overall per share earnings were impacted by 44 cents per share losses in new businesses, including 26 cents in per share losses attributable to building and operating its personal communications services networks.
The company’s core long-distance and local businesses had earnings per share of 93 cents, compared with 85 cents per share for the third quarter of 1996.
During the third quarter last year, Sprint PCS had only 6 cents in per share loss.
The company’s emerging businesses sector, which includes PCS licenses directly controlled by Sprint, as well as consumer Internet access services, competitive local exchange carrier services and international development activities, reported an operating loss of $48.7 million on revenues of $6.4 million, for the quarter.
For the first three quarters, emerging businesses showed an operating loss of $119.1 million on revenues of $14.3 million.
The company’s total net revenues for the quarter were $3.8 billion, compared with revenues of $3.5 billion, for the third quarter of 1996.
Net revenues for the first three quarters totaled $11.1 billion, compared with $10.3 billion, for the corresponding period last year.
