Sprint Corp, the No. 3 U.S. mobile provider on Tuesday reported an increase in quarterly revenue in line with analysts' expectations, due to a new billing plan that lowered wireless expenses.
Sprint has been cutting costs and reshuffling executives in an attempt to offset subscriber losses from a shut down of its older Nextel network and technical problems related to a massive overhaul of Sprint's remaining network.
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The company, which is 80 percent owned by Japan's SoftBank Corp, said it lost 467,000 net subscribers in the quarter.
It's quarterly net income loss narrowed to $151 million, or 0.04 cents per share, in the first quarter, from $643 million, or 21 cents per share, in the year-ago quarter.
Revenue rose to $8.88 billion from $8.8 billion, matching the average analyst estimate according to Thomson Reuters
Wireless customer defections, known in the industry as churn, increased slightly from a year ago.
It forecast 2014 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) between $6.7 billion and $6.9 billion and capital expenditures of approximately $8 billion.
(Reporting by Marina Lopes; Editing by Sofina Mirza-Reid)