Sprint Reportedly Plans To Cut Jobs And Costs Up To $2.5 Bln

(RTTNews) - Sprint Corp. (S) plans to cut as much as $2.5 billion from its operating expenses, with the aim of returning the carrier to profitability and reversing years of subscriber losses. It will lay off an unspecified number of employees, according to reports.

The reports said that anyone laid off after January 30 will receive just one week of pay for every year worked at the company, down from two weeks pay previously. As of March 31, Sprint had 31,000 employees.

The company on Tuesday will provide more details about the job cuts when it reports fiscal second-quarter results.

In August, Sprint Corp. had reported that its first-quarter net loss was $20 million, or loss per share of $0.01, compared to a net income of $23 million, or earnings per share of $0.01, in the year-ago period.