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Sprint shares soar on smaller quarterly loss

Pedestrians walk past a Sprint retail location in New York.
Scott Mlyn | CNBC
Pedestrians walk past a Sprint retail location in New York.

Sprint, the No. 4 U.S. wireless carrier, reported a smaller quarterly loss, helped by cost cuts and higher number of subscriber additions.

Its shares soared 18 percent in premarket trading following the announcement. (Get the latest quote here.)

Net loss fell to $836 million, or 21 cents per share, for the third quarter ended Dec. 31, from $2.38 billion, or 60 cents per share, a year earlier.

Sprint's net operating revenue fell 9.7 percent to $8.11 billion.