Sprint Plans to Cut Jobs as Subscriber Rolls Shrink

Sprint Nextel Corp., the third- largest U.S. mobile-phone carrier, will cut as much as 6 percent of its workforce as the company loses subscribers to rivals.

Sprint will eliminate 2,000 to 2,500 jobs, saving at least $350 million annually, the Overland Park, Kansas-based company said in a statement yesterday. The companywide measure extends to contractors and many of the cuts will be completed by year- end, Sprint said.

The action supplements a round of 8,000 job cuts announced in January. Chief Executive Officer Dan Hesse is working to reverse the tide of customer defections, which totaled more than 2 million in the 12 months through September. AT&T Inc. and Verizon Wireless gained market share with new models of Apple Inc.’s iPhone and Research In Motion Ltd.’s BlackBerry.

Read Full Article from Bloomberg

- Posted: 2009-11-10 11:04:15

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