NEW YORK (TheStreet) -- Shares of Sprint (S) plummeted more than 16% to a 52-week low of $5.16 in morning trading Tuesday after the company reported its quarterly earnings and reduced its full-year adjusted earnings forecast.
The wireless carrier lowered its forecast to a range of $5.8 billion to $5.9 billion from a range of $6.7 billion to $6.9 billion.
For the quarter, Sprint reported a loss of 19 cents a share, much wider than the consensus estimate of a loss of 6 cents a share from analysts polled by Thomson Reuters. Revenue rose year-over-year to $8.5 billion from $7.7 billion, which just missed the average estimate.
Sprint also announced it would fire 2,000 employees in a move that is expected to reduce labor costs by $400 million a year.S data by YCharts