Sprint (S) is the latest company to say it will show a number of its employees the door. The firm’s business is not doing very well either.
For the fourth quarter Sprint reported a net gain of 500,000 subscribers through wholesale channels, growth of 256,000 These gains were offset by net losses of 683,000 post-paid subscribers and 202,000 traditional pre-paid users.
Anticipating continued downward pressure on subscriber trends, revenues, and profitability in 2008, Sprint announced plans to streamline the business in coming months. These plans call for job reductions across the company including approximately 4,000 internal positions.
Sprint currently expects these actions to reduce its internal and external labor costs by an annualized rate of $700-$800 million by the end of 2008.
Douglas A. McIntyre
Are You Ahead, or Behind on Retirement? (sponsor)
If you’re one of the over 4 Million Americans set to retire this year, you may want to pay attention.
Finding a financial advisor who puts your interest first can be the difference between a rich retirement and barely getting by, and today it’s easier than ever. SmartAsset’s free tool matches you with up to three fiduciary financial advisors that serve your area in minutes. Each advisor has been carefully vetted, and must act in your best interests. Start your search now.
Don’t waste another minute; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.