New CFO Tarek Robbiati said he will "cut about 10% of operating costs to save $2 billion, and identified an additional $500 million of reductions in equipment spending," Bloomberg Newsreported Friday.
The Wall Street Journal and Reuters reported on Oct. 1 that the nation's fourth-largest wireless carrier was preparing to cut an unspecified number of jobs and eliminate up to $2.5 billion in expenses in the next six months. The news organizations also said Sprint had frozen all outside hiring.
The planned cuts come on the heels of a third investment in Sprint by majority owner SoftBank Group (SFTBY) . SoftBank invested another $204 million in Sprint in September, Bloomberg previously reported, bringing its total stake in the Overland Park, Kans., company to about 83%. SoftBank made two other investments in Sprint in August.
"Our cost structure is bloated," Robbiati told Bloomberg by phone from Tokyo, where he was meeting with SoftBank executives this week.
Last week Moody's downgraded Sprint's credit rating to "junk" status. Sprint shares reached their most recent high of $5.19 on Aug. 28. They closed at $4.15 on Dec. 31, 2014.
The company, which is expected to release third-quarter earnings on Nov. 3, sells voice, data and video services to residential customers and businesses.
Earlier this month Frontier said an enhancement to its Ethernet Solutions portfolio, E-PATH, is now available in parts of the U.S. E-PATH is available in 11 states, and Frontier said it has plans for further expansion in 2016.
Frontier shares hit their most recent high of $8.42 on Feb. 17. They closed out 2014 at $6.67.
Verizon closed Friday at $44.15, down by a fraction of a percentage point.
Hans Vestberg, CEO of the company, which is based in Stockholm, told Re/code the Swedish company "is focused on improving the global network infrastructure."
Westberg appeared this week at Re/code's Code/Mobile conference in Half Moon Bay, Calif. Watch the complete video of Vestberg's interview with Re/code's Ina Fried.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.