Sprint reports bigger-than-expected loss, stock sags 7%

Sprint's stock fell nearly 7% at mid-day Tuesday after the wireless carrier posted a quarterly loss greater than analysts had predicted and revenues that were down 6% compared to a year ago.

The carrier also said in a statement that it plans to cut $2 billion or more in operating expenses for its fiscal 2016 year, which begins in April.

Sprint CEO Marcelo Claure nonetheless pointed to customer momentum and network improvements in the company's second fiscal quarter, which ended Sept. 30. "This quarter marks a very important milestone in our turnaround," he said during a morning call for analysts.

Claure said Sprint was the only national carrier to improve its post-paid net customer numbers, which were up 237,000 compared to net losses of 500,000 for the same quarter a year ago. Sprint also had its best-ever post-paid churn rate (a measure of cancellations), which improved to 1.54% from 2.18% a year ago.

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