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Sprint Q2 Beats, LTE Network Upgrade Near Completion


Sprint has nearly completed its LTE network upgrade, and it's finally seeing fewer subscriber losses and turned a small profit. Profit for the last quarter came in at $23 million, or one cent a share. That is a huge improvement from the $1.6 billion loss a year ago. Revenue fell $100 million to $8.8 billion, but that's better than estimates. Sprint fell behind AT&T and Verizon in terms of LTE coverage. New wireless users didn't want to sign up with Sprint while old users were leaving. But, in the past three months, it only lost 181,000 contract subscribers. That's 100,000 fewer than how many had been expected to leave. CEO Dan Hesse said Sprint has been focusing on the expansion of high speed network coverage and the upgrade is "largely complete". He says he hopes to see even fewer subscribers dropping off in the future. TheStreet's Julia Sun has details from New York.