Why Sprint (S) Is Down Today

NEW YORK (TheStreet) -- Sprint (S) fell 2% to $8.74 Friday after it said it would lay off an unspecified number of workers as part of a cost-cutting program.

A recent regulatory filing said the wireless carrier will take a charge of $165 million for severance and related items. The company started making plans for the layoffs last week. There's no mention of how many employees will be cut, however, as Sprint managers are still reviewing their plans.

The company may announce more details about the layoff plan when it releases its fourth-quarter earnings report on Feb. 11.

The layoffs are expected to be completed by June.

S Chart S data by YCharts

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