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Sprint fiscal Q3'17 revenue down amid $7.1B noncash benefit from tax reform

Sprint Corp. on Feb. 2 reported fiscal 2017 third-quarter net income attributable to the company of $7.16 billion, or $1.76 per share, compared to a net loss of $479.0 million, or a loss of 12 cents per share, in the prior-year period.

Net income of $7.16 billion included $7.1 billion of noncash benefit from tax reform, resulting from a remeasurement of the company's deferred tax assets and liabilities under provisions contained in the new tax law.

The GAAP S&P Capital IQ consensus estimate for the quarter was a loss of 6 cents.

Revenue for the third quarter was $8.24 billion, down from $8.55 billion in the same period last year.