After announcing a loss of 19 cents per share against projections of about six cents per share, Sprint followed up with the news that in addition to the earnings miss, they would be cutting 2,000 jobs as well. Following these revelations, in after-hours trades the stock fell 7 percent. The company said that they were wanting to make $1.5 billion in cost cuts in addition to the $400 million the elimination of the jobs will provide. Marcelo Claure, Sprint CEO, called the coming changes a “transformational journey,” though the transformation from employed to unemployed may not be the one the 2,000 workers about to lose their jobs had in mind.
By Jim Malone