Investors Cheer Sprint's Q1 Earnings

Sprint Corp S released its Q1 results on Monday morning. Earnings came in  above Wall Street consensus expectations, sending shares higher.

Sprint reported EBITDA of $2.5 billion and revenues of $8 billion. Analysts had an EPS estimate of $(0.09) and $8.166 billion in revenues.

Sprint reported a net loss of $302 million and operating income of $542 million, up over $400 million year-over-year.

"We had another quarter of solid progress in our turnaround with the highest first quarter postpaid phone net additions in nine years1, the lowest postpaid phone churn in company history, and finally being postpaid net port positive against all three national carriers after five years," said Sprint CEO Marcelo Claure. "We also grew wireless net operating revenue year-over-year while aggressively reducing the cash operating expenses of the business and our network is performing better than ever."

Total net additions were 377,000 in the quarter, including postpaid net additions of 180,000, prepaid net losses of 331,000, and wholesale and affiliate net additions of 528,000.

At time of writing, Sprint traded at $4.88 in Monday's pre market session, up 5 percent.