Sprint Shares Rise As Company Posts Narrower-than-expected Loss

Sprint Corp. shares were up 1.5% in premarket trade Tuesday, after the phone company reported a narrower-than-expected loss for its fiscal fourth quarter. The company said it had a loss of $20 million, or 1 cent a share, in the quarter, after a profit of $23 million, or 1 cent a share, in the year-earlier period. Revenue fell to $8.027 billion from $8.789 billion. The FactSet consensus was for a loss of 7 cents and revenue of $8.294 billion. The company said it had total net additions of 675,000 in the quarter, a postpaid churn of 1.56% and reduced postpaid phone losses for a fifth consecutive quarter. It raised its outlook for fiscal 2015 adjusted EBITDA to $7.2 billion to $7.6 billion from a prior range of $6.5 billion to $6.9 billion. "Going forward, we are confident in our plan to leverage our unique spectrum assets to make our network a competitive advantage, aggressively reduce operating costs, and utilize our business relationships and assets to fund our turnaround," Chief Executive Marcelo Claure said in a statement. Shares are down 19.5% in the year so far, while the S&P 500 has gained about 2%.