Sprint (S) announced job cuts to reduce costs as S stock took a hit in early trading Friday.
The phone service provider wants to improve operational efficiencies and reduce costs through a series of job cuts. Sprint is expected to finalize its workforce reduction plan that includes management and non-management positions by June 30, 2014.
Sprint “expects to recognize a charge of approximately $165 million in the fourth quarter of 2013 for severance and related costs… The majority of the above estimated charge is expected to result in cash expenditures by December 31, 2014.”
S stock is down 3.8% as of early afternoon trading Friday and down over 20% YTD.
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