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Shares of Sprint Climb on Earnings Despite Subscriber Loss


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NEW YORK (TheStreet) -- Sprint reported improving quarterly results on Tuesday as it narrowed its first-quarter loss from a year ago and saw revenue that came in line with expectations.

VIDEO TRANSCRIPT:

Shares of Sprint (S) were climbing on Tuesday after the company reported a first-quarter loss that narrowed from a year ago and revenue that came in line with expectations.

Sprint reported a loss of 4 cents a share, narrower than a loss of 21 cents a year ago. Revenue rose to $8.88 billion, matching estimates, according to Thomson Reuters.

The company reported a slight increase in churn rate as it lost more subscribers to competitors. Sprint reported a net loss of 231,000 branded monthly subscribers in the quarter, compared to net additions of 12,000 subscribers in the same period last year. The company has been working to cut costs and lower its churn rate by promoting its Framily plan, which it said now has almost 3 million customers.

The company raised its forecast for 2014 adjusted EBITDA to as much as $6.9 billion, up from its prior estimate for as much as $6.7 billion.

At last check, shares of Sprint were climbing almost 5% to $7.80.

In New York, I'm Brittany Umar for TheStreet.

Written by Brittany Umar in New York.

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