Sprint revenue rises on new device installment plan

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.

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)