By Marina Lopes
WASHINGTON -- Sprint (S) has unveiled a plan that gives subscribers access to unlimited data for $60 a month, the industry's cheapest unlimited data offering as the carrier attempts to reverse the decline in its subscriber base.
Wireless carriers have been going after each others' subscribers as they try to increase revenue in a nearly saturated market.
Sprint's new offerings are $20 cheaper than T-Mobile's unlimited plan and are available to new and existing customers who bring in their own cellphone or pay full price for a new one.
The announcement comes just hours after rival T-Mobile US (TMUS) launched a campaign to lure subscribers away from other carriers. If an existing customer is able to persuade a subscriber of another carrier to switch to T-Mobile, both will get upgraded to an unlimited data plan for free for one year.
Earlier this week, Sprint doubled data offerings for customers in family plans, while industry leader Verizon Communications slashed prices for its unlimited talk and text plan.
Price cuts are a top priority for Sprint's new chief executive, Marcelo Claure, as he attempts to turn around a company plagued by customer defections due to a network overhaul that has caused gaps in coverage.
Sprint shares ended Thursday trading up 1.1 percent to $5.56, while T-Mobile shares slipped 1.8 percent to $29.16 on the New York Stock Exchange.
Sprint Takes On T-Mobile With $60 Unlimited Data Plan
More from Reuters
•Market Wrap: Stocks Slip on Greece Worries, Tepid Job Data
•BP Settles 2010 Gulf Oil Spill Claims for $18.7 Billion
•Weak Job Report Weakens September Rate Hike Bets