Sprint (S) Stock Continues to Slide After Earnings Miss Estimates

Sprint (S) stock continues to decline after the company's 2015 fiscal second quarter earnings and revenue missed expectations
By Amanda Albright ,

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.

S

data by

YCharts

Loading ...