Sprint Q3 Misses on Top and Bottom Lines, Announces Job Cuts

Sprint posted a third quarter loss of $0.19 a share on revenue of $8.5 billion. Wall Street analysts were looking for a loss of $0.06 on sales of $8.6 billion. Last year, the telecom provider lost $0.46 per share on $8.84 billion in sales. As for details, total Sprint platform net additions were 590,000, while postpaid net losses were 272,000. Postpaid phone gross additions grew 37% month-over-month in September and increased year-over-year for the first time in 2014. Meanwhile, Sprint is targeting $1.5 billion of annualized cost reductions compared to 2014 spending levels. As part of the cost reduction efforts, the company will cut approximately 2,000 positions. TheStreet's Gregg Greenberg has details from New York.