Sprint Losses Narrow, Subscriber Numbers Still Shrink
(NEW YORK) -- Sprint announced its quarterly earnings Tuesday, reporting narrower net income losses but a decrease in subscribers.
Revenue increased to $8.88 billion and beat estimates from analysts, and net losses narrowed to $151 million, or 4 cents a share, in the first quarter, down from $643 million, or 21 cents a share, in same quarter a year ago. But the company lost a net 467,000 wireless devices during the first quarter, compared to a loss of 415,000 last year.
Sprint said its 4G LTE network has expanded to 41 more cities for a total of 225 million people, and is set to cover 250 million by mid-2014.
Increasing competition from other wireless companies hasn't made it easy for the Kansas-based company. Sprint introduced the "Framily" plan early in the qaurter, a new pricing program allowing customers to build their own group plan. Nearly three million customers have joined the program, according to the report.
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