Sprint to cut 2,000 jobs

Ray Frager//November 3, 2014//

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(Bloomberg) Sprint Corp. lost more customers than analysts projected as new Chief Executive Officer Marcelo Claure began to counter rivals’ escalating price cuts. As the company continues to lose money and subscribers, Sprint said it will cut about 2,000 more jobs. The third-largest U.S. wireless carrier’s monthly subscribers fell by 272,000, compared with the loss of 203,000 expected by analysts on average, according to nine estimates compiled by Bloomberg. Sprint had lost customers in the prior 10 quarters, as well. The efforts to lure subscribers with promotions and price reductions have taken a toll on industry profits, and Sprint reported a net loss of $765 million in the quarter that ended Sept. 30.

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