Sprint (S) Stock Continues to Slide After Earnings Miss Estimates
NEW YORK (TheStreet) -- Sprint (S) - Get Reportstock is continuing to decline, down by 0.44% to $4.49 in late morning trading on Wednesday, after the company released its 2015 second quarter earnings results.
Before the market open on Tuesday, the wireless communications provider reported a loss of 15 cents per share on revenue of $7.98 billion.
Analysts surveyed by Thomson Reuters had forecast for a loss of 8 cents per share on revenue of $8.12 billion.
"As seen in our quarterly results, American consumers are happy to switch to Sprint because they appreciate great products and great service at a great price," Sprint CEO Marcelo Claure said in a statement.
Additionally, Softbank CEO Masayoshi Son announced today that the company, which owns Sprint, would cut thousands of Sprint jobs as part of a plan to reduce $2 billion in annual costs, The Wall Street Journal reports.
"I think $2 billion is a minimum target, and we should go even deeper. We need to do this, including reduction of personnel," Son said.
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