UPDATE: Sprint Posts Q2 Profit, Shares Surge

Shares of Sprint

gained more than 2% in pre-market trading after the company posted a profit in the second quarter. The Overland Park, Kansas-based company posted a quarterly profit of $23 million, or $0.01 per share, versus a year-ago loss of $1.6 billion, or $0.53 per share. Its sales declined to $8.79 billion from $8.88 billion. Analysts were expecting a loss of $0.02 per share on revenue of $8.75 billion. Its adjusted EBITDA climbed 30% to $1.83 billion. The Sprint platform posted a net loss of 220,000 customers, versus a loss of 383,000 customers in the prior quarter and 520,000 customers in the year-ago period. “We reached several key milestones for the company this quarter, including largely completing a multi-year project to upgrade our core 3G and voice network, expanding 4G LTE coverage to approximately 254 million people and launching nationwide availability of HD Voice,” said Dan Hesse, Sprint CEO. Sprint continues to project 2014 adjusted EBITDA of $6.7 billion to $6.9 billion. Sprint shares rose 2.25% to $8.18 in pre-market trading.