Sprint Corp. shares were up as much as 6% in premarket trade after the company reported revenue above Wall Street's expectations. The wireless phone company said it had a fiscal fourth-quarter loss of $554 million, or 14 cents per share, compared with last year's loss of $224 million, or 6 cents per share during the same period. Sprint posted a wider loss than expected, as the consensus on FactSet was for a loss of 12 cents. Revenue for the quarter fell to $8.07 billion, compared with $8.28 billion in the year prior period. Revenue was slightly higher than the $8.02 billion FactSet consensus. The company is in the midst of a multi-year plan to transform the way it does business and significantly lower costs. Shares of Sprint are down more than 3.5% in the year to date, while the S&P 500 index is up 1.8%.
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