Sprint Nextel Corporation(NYSE:S), the third largest wireless telecommunications provider in the United States, reported today a higher net loss of $1.4 billion, or $0.46 diluted net loss per share, compared with the second quarter of 2012. During the same quarter last year, the company’s net loss was $847 million or $0.28 diluted net loss per share.

Based on the company’s second quarter earnings report, the losses were related to accelerated depreciation, continues deployment of Network Vision including the shutdown of the Nextel platform and lease exit costs, and impairment in connection to its investments in Clearwire.

Despite its losses, Sprint increased its expectations to between $4.5 billion to $ 4.6 billion for the year 2012, due to strong wireless service revenues. The company reported $7.3 billion in wireless services revenues during the second quarter, an 8 percent increase year over year. It is the highest recorded quarterly year over year growth, within the wireless industry in the United States.  According to the company, the $4.31 growth in Sprint post paid ARPU is the main driving force to its solid performance in wireless service.

Its average revenue for its Sprint post paid platform is $63.38, compared with last year’s $59.07 during the same period. Sprint was able to retain 60 percent of its postpaid Nextel platform costumers, to its postpaid Sprint platform. Its recapture rate increased by 33 percent, compared with the 27% recapture rate during the same period last year.

The company also sold approximately 1.5 million iPhones during the second quarter. Forty percent (40%) of those customers were added to its new postpaid subscribers. In addition, 9 percent of its existing postpaid Sprint customers upgraded their devices.

Dan Hesse, chief executive officer of Sprint said the company achieved its $1.45 billion adjusted OIBDA during the quarter due to the combination of the strong performance of its Sprint platform postpaid ARPU, costumer acquisition, and cost management. According to him, “Based on this performance, we are raising the 2012 Adjusted OIBDA forecast to between $4.5 billion and $4.6 billion.”

On July 15, Sprint launched its 4G LTE service in five major markets and 15 cities in the country. The company’s Sprint wireless revenue growth is 16 percent year over year.

According to Jennifer Fritzsche, analyst from Wells Fargo, Sprint’s second quarter results show that the company is finally reaping the fruits of its labors, “more than any in recent history,” while William Power, analyst from R.W. Baird, said the company’s $1.45 billion exceeded his $1.03 billion estimate.

On the other hand, Metro PCS Communications (NYSE:PCS) reported $148.8 million or $0.41 per share net profit during the second quarter. The result is higher compared with its $84.3 million or $0.23 per share net income during the same period in 2011. The company exceeded the $0.23 per share average analysts earnings estimate, according to Thomson Reuters I/B/E/S data.

Its revenue increased by 6 percent to $1.28 billion.

Sprint considered acquiring Metro PCS for $8 billion, however, the company abandoned its plan last February. Since the failure of the transaction, Metro PCS stock value has declined by 44 percent.

During the morning trading on Friday, Metro PCS stock was up by 33 percent to $8.39 per share. On the other hand, Sprint’s shares were also up by 19.8 percent to $4.04 per share.