UPDATE: Sprint Nextel Reports Lower-Than-Expected Q1 Loss; Shares Rise In Pre-Market Trading

Sprint Nextel Corp S reported lower-than-expected loss for the first quarter. The company's quarterly loss came in at $439 million, or $0.15 per share, compared with $865 million, or $0.29 per share, in the year-ago period. The company's revenue surged to $8.31 billion from $8.09 billion. However, analysts expected a loss of $0.22 per share on revenue of $8.2 billion. Sprint shares gained 3.97% to $4.98 in pre-market trading. Read more from Benzinga's Company news.