UPDATE: Sprint Posts Narrower Q1 Loss

Sprint

reported a narrower loss in the first quarter. Sprint posted a quarterly net loss of $151 million, or 0.04 per share, versus a year-ago loss of $643 million, or $0.21 per share. Its revenue climbed to $8.88 billion versus $8.8 billion, versus analysts' estimates of $8.69 billion. For 2014, Sprint expects 2014 adjusted EBITDA of $6.7 billion to $6.9 billion. Sprint lost 467,000 net subscribers in the first quarter. Dan Hesse, Sprint CEO said, “In the quarter, operating revenue and Adjusted EBITDA* both grew year-over-year even as investments in our network improvements continued.” The executive added, “With the expected mid-year completion of the rip and replacement of our core 3G and voice network, the ongoing roll-out of Sprint SparkTM, and the evolution of Sprint FramilySM, we plan to build the best customer experience in the industry.” Sprint shares gained 4.98% to $7.80 in pre-market trading.