Sprint Reports Disappointing Earnings, Announces 2,000 Job Cuts, And The Stock Is Tanking

Sprint announced earnings for last quarter Monday. It posted a loss of $US0.19 per share and announced that it will cut 2,000 jobs.

The stock is down about 6% in after-hours trading.

Net operating revenue for the quarter was almost $US8.5 billion. The operating loss was $US192 million.

Sprint also lost 272,000 post-paid subscribers.

The carrier has been going through an odd transition lately as it faces increased competition from T-Mobile, a smaller rival. AT&T and Verizon are also growing and doing well.

Sprint attempted to buy T-Mobile this summer, but abandoned those plans after determining it wouldn’t be approved by US regulators. Instead, Sprint’s then-CEO Dan Hesse stepped down and Marcelo Claure got the job. Now Sprint and T-Mobile are battling to become the nation’s third-largest wireless carrier. (AT&T and Verizon are so big that it’d be tough for T-Mobile or Sprint to catch up any time soon.)

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