Sprintundefined was down 3.9% in late morning after it posted first-quarter earnings of 36 cents a share including a 1-cent-a-share gain from investments. The Street expected 37 cents. The telecommunications company's revenue slipped 1% vs. a year ago.

Sprint said it sees full-year earnings coming in 10% to 15% below the analysts' consensus.

Meanwhile,

Sprint PCS

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(PCS)

, the company's mobile phone unit, posted a first-quarter loss of 40 cents a share. Analysts had expected a loss of 37 cents a share.