A new series of Sprint (S) layoffs will see 2,000 employees lose their jobs.

The news of Sprint layoffs comes after the company reported losses of 19 cents per share for its second fiscal quarter in 2014. This was much worse than the 6 cents per share that analysts were expecting, reports The New York Times.

The 2,000 jobs affected by the Sprint layoffs are expected to save the wireless carrier $400 million a year in labor costs. The company has been switching around its leadership and it said that more changes are coming, NYT notes.

As of now, no more Sprint layoffs are in the company’s plans. However, CEO Marcelo Claure, who joined the company in August, said that it is still looking for more ways to cut costs, reports Latinos Post.

Sprint has been working to make changes to itself since it failed to merge with T-Mobile (TMUS). If the merger had gone through, it would have given the company subscribers comparable to rivals AT&T (T) and Verizon (VZ), Latin Post notes.

S shares were down 16% as of Tuesday afternoon.