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Sprint raises earnings outlook; shares surge

Results were helped by a cost-cutting drive and a boost in subscribers.

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Sprint added 501,000 net postpaid connections, up from 30,000 a year earlier.

Sprint (NYSE:S) rallied on Tuesday after the fourth-largest U.S. wireless carrier reported a narrower-than-estimated loss in its fiscal third quarter and boosted its earnings outlook.

Shares of the company surged 21% to $3.05 at 1:30 p.m. in New York.

Sprint said it expects to post an operating profit, before earnings and taxes, for its fiscal year ending March, reversing its previous forecast of a loss.

Net loss shrank to $836mln, or $0.21 per share, in the three months ended December 31, in from a net loss of $2.38bn, or $0.60 per share, a year earlier, the Overland Park, Kansas-based company said in a statement on Tuesday.

Stripping out items, the company lost $0.21 per share, topping the average analyst estimate of a net loss of $0.25 per share.

It expects fiscal 2015 operating income at $100 million-$300 million, up from a previous forecast of a $50 million-$250 million loss.

Sprint added 501,000 net postpaid connections, up from 30,000 a year earlier but below an analysts' average estimate of 510,000, Reuters reported, citing market research firm FactSet StreetAccount.

Customer sign-ups, up for the second straight quarter after two years of declines, were helped by 50% discounts to users of its U.S. rivals.

Quick facts: Sprint Corporation

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NYSE:S
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