Sprint Confirms LightSquared Deal, Losses Grow

Sprint Corp. (NYSE: S) has confirmed a network-sharing deal with LightSquared as its losses deepened for the second quarter.

Revenue for the quarter rose to US$8.31 billion from $8.03 billion in the same quarter in 2010, but its net loss increased to $847 million, or $0.28 per share, from $760 million or $0.25 per share in the same quarter last year.

Analysts surveyed by Thomson Reuters expected the company to report a loss of $0.12 per share for the quarter.

Sprint's share price was down by $0.57, or 11.05 percent, at $4.59 in pre-market trading Thursday morning.

— Dan Jones, Site Editor, Light Reading Mobile