AP

Sprint turned its first profit in three years even as the company turned to heavy promotions to lure customers and revenue came in below what some analysts were expecting. More importantly for Wall Street, CEO Marcelo Claure indicated that the company expects to issue a public update on potential merger plans "in the near future."

Analysts cautious: Although the company managed to eke out a quarterly profit, some analysts cautioned that some of the gains were due to accounting changes. As for the company's customer base, churn of existing subscribers was higher than a year ago and it posted only a modest gain of 88,000 postpaid phone customers.

"Sprint's financial position remains challenged as its balance sheet is highly leveraged and the company currently holds over $34 billion in long-term debt," Technology Business Research analyst Steve Vachon said in a research note.

Merger talk: Much of the questioning on a conference call with reporters centered around Sprint's talks with Charter, T-Mobile and others about a potential merger. Charter recently indicated it's not interested in a deal, but other possibilities remain.

"We have plenty of options, and we've had discussions with a lot of different parties," Claure said, according to Reuters. An update on the fruits of those discussions "should be coming in the near future."

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 18,187,396 — Total deaths: 691,352 — Total recoveries — 10,841,436Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 4,711,323 — Total deaths: 155,379 — Total recoveries: 1,513,446 — Total tests: 57,543,852Map.
  3. Politics: White House will require staff to undergo randomized coronavirus testing — Pelosi says Birx "enabled" Trump on misinformation.
  4. Sports: 13 members of St. Louis Cardinals test positive, prompting MLB to cancel Tigers series — Former FDA chief says MLB outbreaks should be warning sign for schools.
  5. 1 🎥 thing: "Tenet" may be the first major film to get a global pandemic release.

In photos: Thousands evacuated as Southern California fire grows

A plane makes a retardant drop on a ridge at the Apple Fire north of Banning in Riverside County, which "doubled in size" Saturday, per KTLA. Robert Gauthier / Los Angeles Times via Getty Images

A massive wildfire that prompted mandatory evacuations in Southern California over the weekend burned 26,450 acres and was 5% contained by Monday afternoon, the California Department of Forestry and Fire Protection said.

The big picture: As California remains an epicenter of the coronavirus pandemic in the U.S., some 15 separate fires are raging across the state. About 7,800 people were under evacuation orders from the Apple Fire, about 75 miles east of Los Angeles, as hundreds of firefighters battled the blaze. CalFire said Monday that a malfunction involving a "diesel-fueled vehicle emitting burning carbon from the exhaust system" started the Apple Fire.

Twitter faces FTC fine of up to $250 million over alleged privacy violations

Photo: Rafael Henrique/SOPA Images/LightRocket

The Federal Trade Commission has accused Twitter of using phone numbers and emails from its users to make targeted ads between 2013 and 2019, Twitter said in an SEC filing published Monday.

Why it matters: Twitter estimates that the FTC's draft complaint, which was sent a few days after its Q2 earnings report, could cost the company between $150 million and $250 million. The complaint is unrelated to the recent Twitter hack involving a bitcoin scam.