The Wall Street gurus understand that some companies aren’t doing that well during this recession, but Sprint surprised some folks today when the company released its quarterly financials. It seems that the wireless carrier’s $594,000,000 loss wasn’t as much as the experts expected causing the company’s stock to rise. But isn’t it crazy that we’re living in a world where a $594 million net loss is considered a good thing?
The rest of the financial statement continues the same trend of beating expectations, but still seeing decreasing revenue and subscribers. Revenue fell 12% as approximately 182,000 subscribers left during the first part of this year. However, cash flow increased and operating expenses decreased during the first quarter showing that the company is making steps to right the sinking ship. Hopefully the Palm Pre, and Palm’s other upcoming handset, will quickly arive and help bail water before Sprint sinks anymore.