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Sprint Reports Increase in Revenue, Decrease in Losses

US wireless carrier Sprint has reported a drop in loss in the third quarter thanks to rise in the number of customers and the fact that it now carries the iPhone.

The company reported a loss of $301 million, or 10 cents a share in the third quarter of 2011, significantly less than the $911 million or 30 cents a share it had posted in the third quarter last year.

Sprint, which is the third biggest wireless carrier in the US after AT&T and Verizon Wireless, also reported a 2 percent rise in revenue to $8.33 billion. Meanwhile, Wall Street analysts had estimated that the company will report losses of 22 cent a share on revenue of $8.38 billion, c|net reports.

Sprint also reported that it had added 1.3 million new customers during the third quarter, almost double the 644,000 it had added in the same quarter last year.

The company also revealed that getting the iPhone 4S and iPhone 4 contract and establishing its LTE 4G network was heavy on its financial and was seeking new funding. Sprint said that it would start seeing the benefits of the iPhone and new 4G network in 2015.