Sprint shares spiked as much as 18% in pre-market trading Tuesday after the company reported fiscal-third-quarter earnings results.
The wireless carrier posted a narrower-than-expected net loss of 21 cents per share, compared to the expectation for 26 cents according to Bloomberg.
The company added 501,000 subscribers monthly, fewer than the 521,000 that analysts had projected. The company said net additions of postpaid subscribers was at a three-year high of 366,000.
Sprint is implementing a $2.5 billion cost-reduction program that includes 2,500 job cuts, most of which are in customer service, according to Reuters.
Because of these cost-cutting measures, the company ditched its previous projection of an operating loss of up to $250 million for the fiscal year 2015, and now expects operating income of between $100 million and $300 million.
Sprint shares have fallen 40% over the past year.
