Sprint aims to cut $2.5 billion in costs within next Six Months
Sprint Corporation, American Telecommunications Company that offers wireless services and is a major global Internet carrier, is aiming to cut $2.5 billion in costs within next six month because of which there will be eliminations in jobs.
Sprint, the fourth-largest US carrier, has announced its plan to the employees earlier this week. The company also added days after that, it won't be participating in an upcoming event of US airwaves auction where it could have got an opportunity to win new airwaves.
The company said in an e-mailed statement Thursday, "We must change our cost structure so we can fuel our growth and operate more efficiently. It is likely that some jobs will be impacted but it's premature to discuss the details as we are in the early stages of the process".
This is the second time when the company has cut down the costs, under Chief Executive Officer Marcelo Claure. Sprint has already eliminated 6.5% of 31,000 employees.
Claure has focused on attracting customers by giving them half-price offers and network improvements since the time he stepped into the company. He has cut down the operational cost which has boosted earnings of the company apart from interest, taxes, depreciation and amortization to $2.08 billion.
The company was going through financial problems and during the fiscal first quarter, cash and equivalents of telecommunications company fell approximately $2 billion, which was 2.5 times the decrease according to last year.
Sprint's 83% is owned by Japan's SoftBank Group Corp. and has recently shown interest to buy more shares.
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