NEW YORK (TheStreet) -- Sprint (S) - Get Report is still reaping the benefits of strong Apple (AAPL) iPhone sales, CEO Marcelo Claure said on CNBC's "Squawk on the Street" Tuesday morning. 

The iPhone 7 and larger 7 Plus were originally released in early September. After the first three days of its release, Sprint reported a 375% year-over-year increase in preorders. 

"Have they kept that pace of growth?" CNBC's Sara Eisen asked Claure on today's show. 

"Oh absolutely," he answered. "I mean we have hundreds of thousands of back orders from customers that are waiting for their iPhone to ship."

This dramatic uptick in preorders is largely due to Sprint's promotion that allowed customers to get a new iPhone 7 if they traded in an iPhone 6 or 6s and signed up for one of the carrier's plans.

"Apple demand is very strong. We allow customers to upgrade their iPhone every year and we were surprised by how many customers are coming to upgrade from the iPhone 6s to the iPhone 7," Claure said. 

Sprint is hoping that Apple can ramp up iPhone production so it can start fulfilling back orders.

Before today's opening bell, Sprint reported a loss of 4 cents per share for the 2016 second quarter, missing analysts' expectations of a loss of 7 cents per share. Revenue rose 3.4% year-over-year to $8.25 billion, beating analysts' estimates of $8.05 billion. 

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The stock was plummeting by 7.98% to $6.37 in late morning trading, but Claure said he wasn't worried about it. 

"I mean I think we'll go crazy if we look at this stock no a day-to-day basis. The stock was up yesterday 6%, today it's down 6%. We try to look at it on an aggregate basis," he said. 

The main thing investors should take from the quarterly report is Sprint's net operating revenue, which went up for the first time in two years, Claure claimed. "I think that's an inflection point and a turnaround once you can turn around the revenue," he explained. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings team rates Sprint as a Sell with a ratings score of D+. This is driven by multiple weaknesses, which the team believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks the team covers.

You can view the full analysis from the report here: S

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