Sprint to slash 4,000 jobs after subscriber losses
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Sprint Nextel  reported  deeper-than-expected subscriber losses on Friday and said it  would cut about 4,000 jobs, sending its shares down 19 percent  to their lowest level in more than five years.
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Sprint Nextel Corp  reported  deeper than expected subscriber losses on Friday and said it  would cut about 4,000 jobs, raising fears of a slowdown in the  U.S. wireless industry, and its stock dropped nearly 25  percent.
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(InfoWorld) - In an extension of a cost-cutting program it began in January, Motorola said Wednesday it would lay off 4,000 more workers. The move will help the company to save $600 million annually starting in 2008, including additional money-saving measures like prioritizing its investments, continuing discretionary-spending controls, cutting general and administrative expenses, and site rationalization. Although it trails only Nokia in sales of wireless handsets, Motorola has struggled to translate its sales into profits. The company began this restructuring program after watching its profit drop sharply, from $1.2 billion in the fourth quarter of 2005 toÂ $624 million for the fourth quarter of 2006. The results were even worse for the first quarter of 2007, as Motorola posted a loss of $366 million compared to its profit of $849 million for the same period a year ago. In a search for change,Â the company replaced its CFO in March. At that time, chief executive Ed Zander blamed the problems on dropping prices for low-end cell phones, and Motorola's decision to give up market share instead of entering a price war with competing vendors. Also on Wednesday, Motorola said it would finish making the 3,500 job cuts it had previously announced by June 30, contributing to an estimated $400 million in annual savings. The restructuring will also incur its own costs. Motorola will subtract a one-time charge of $300 million from its savings, to pay for severance packages and other costs of the workforce reductions. "Today's actions are an update to the commitment we made during our first-quarter earnings conference call -- to drive out additional costs -- and a continuation of the plan we announced in January," Motorola'sÂ CFO Tom Meredith said in a release. Meredith promised the cuts would not distract Motorola from keeping its focus on long-term plans in customer service and support, product quality and research and development. Â
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Sprint Corp. , said on Friday it plans to reduce by up to 700 jobs in its business solutions unit as it realigns its business to focus on wireless and Internet-based telecommunications offerings.
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Wireless carrier Sprint Nextel Corp  plans to lay off several thousand employees, the Wall Street Journal reported on Monday.
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Merger challenges and dropped calls for consumers are taking a toll as Sprint aims to expand and upgrade.
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Sprint Nextel Corp  reported deeper than expected subscriber losses on Friday and said it would cut about 4,000 jobs, sending its shares down 26 percent and raising fears that an economic slowdown would take a greater toll on the wireless industry .
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The US wireless market looks to be consolidating even further as Sprint and Nextel are close to terms on a merger, bringing the number of nation-wide US carriers down to four.
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Sprint Nextel Corp  said on Thursday Chief Financial Officer Paul Saleh and two other top executives would leave the company in a new management shake-up as the No. 3 U.S. mobile service grapples with subscriber declines.
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Cingular Wireless, the nation&#39;s largest cellphone company, will cut about 10 percent of its 68,000 jobs over the next 12 to 18 months as it combines operations with the recently
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Sprint Nextel , the No. 3 U.S. mobile service, said on Friday it will cut about 4,000 jobs and close about 8 percent of its stores, predicting further pressure on its ability to attract subscribers and turn a profit in 2008.
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Sprint Nextel Corp  reported deeper than expected subscriber losses on Friday and said it would cut about 4,000 jobs, raising fears of a slowdown in the U.S. wireless industry, and its stock dropped nearly 25 percent.
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AT&amp;T Corp. (TN: Quote, Profile, Research) will cut another 7,400 jobs and reduce the value of its assets by $11.4 billion, spurred by its retreat from traditional consumer
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Sprint Nextel  reported deeper-than-expected subscriber losses on Friday and said it would cut about 4,000 jobs, sending its shares down 19 percent to their lowest level in more than five years.
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The Sprint Corporation said yesterday that it planned to lay off 700 sales representatives and write down the value of its long-distance network to reflect more accurately the erosion in the market for traditional phone services.
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As part of its effort to turn its fortunes around, wireless phone company Sprint Nextel announced today that it would "streamline its business" by cutting 4,000 jobs and closing 8 percent of its stores. The company, third among U.S. mobile phone services, has been battling against a continual loss of subscribers.
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The cellphone-network equipment maker said that it would cut up to 4,000 jobs, about 5.4 percent of its work force, after profit plunged 42 percent in the fourth quarter.