NEW YORK (TheStreet) -- Sprint (S) has announced a new, lower-cost family service plan to begin helping it to regain market share versus rivals Verizon (VZ) , AT&T Wireless (T) and especially T-Mobile US (TMUS) .
Calling the move "A New Day For Data," Sprint now offers new shared high-speed data plans "at the same or lower price as compared to AT&T, T-Mobile and Verizon Wireless." Sprint shares were down sharply in Tuesday trading, off 4.2% to $5.39.
As part of the first moves by newly installed CEO Marcelo Claure, the Sprint Family Share Pack now offers double the high-speed shareable data. Customers can get up to four lines and 20 GB worth of data for $160, compared to 10 GB of data for the same price from AT&T or Verizon. The company did not highlight T-Mobile in its new pricing competition.
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To launch the new campaign, Sprint is offering a limited-time promotion of 20 GB of shared data, unlimited talk and text to as many as ten phone lines for only $100 a month through the end of 2015. As an added incentive, customers will get an additional 2 GB per line for up to ten lines. TheStreet's Brittany Umar has more on Sprint's latest move to gain subscribers:
WATCH: More market update videos on TheStreet TV | More videos from Brittany Umar "While we believe this is the most attractive plan in the market for customers with a high need for data, we still see issues related to Sprint's service/network," S&P Capital IQ's John Zino wrote in a research note, following the announcement. "We expect more discounted offerings from Sprint in the coming days/weeks related to the individual, with a focus on lower prices and more data." Earlier this year, Masayoshi Son, CEO of Sprint's parent company, Japan-based SoftBank Corp, warned he would begin a "massive price war" to bring attention and customers back to Sprint. In recent weeks, the competition has announced lowering pricing too. Verizon cut rates for its unlimited talk and text plans, while T-Mobile further expanded its family plans which have been challenging Sprint for the number three carrier title. In the past year, T-Mobile's aggressive "Uncarrier" pricing plans forced the other U.S. carriers to lower their monthly fees and offer better deals.
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