Sprint to Cut Headcount and $2.5 Billion in Costs

[cdmagurus.com]

Sprint is prepared to reduce expenses by as much as $2.5 billion over the next year, reports the Wall Street Journal, and is likely to cut jobs to help it reach that goal. An internal memo sent to staff by CFO Tarek Robbiati obtained by the Journal said the cuts "inevitably will result in job reductions." Sprint had about 31,000 employees as of March. Robbiati said the company is still exploring how best to reduce costs. "The main thing to consider when requesting to spend money is to take an owner's mindset by treating every dollar as if it were your own," he said. Sprint has already trimmed expenses by about $1.5 billion over the last 12 months. The company recently said it will not participate in next year's 600MHz incentive auction, citing its existing spectrum resources and the cost to obtain more spectrum. Sprint has struggled in recent years to compete with AT&T, Verizon, and T-Mobile.


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