Sprint CEO Dan Hesse expected to lay off thousands of employees after another losing year, says report
By Will Park on Tuesday, January 15th, 2008 at 4:35 PM PST In Announcements, Financial/Corporate News, Sprint
This guy’s got some big changes to effect if he wants to have any chance at righting the wayward ship that is Sprint (NYSE: S). We’re talking about Sprint’s new CEO, Dan Hesse, of course.
You expect a certain amount of corporate change-up with the changing of the guard, but this is definitely more than we expected. A report from The Wall Street Journal indicates that the new CEO is expected to cut thousands of jobs in the name of promoting efficiency and increased cost-savings.
The announcement of Sprint’s layoff-move follows reports that Sprint just lost 500,000 subscribers in Q4 2007. Sprint’s Q3 operating revenues were pegged at $10 billion, down from $10.5 a year ago – net income was $64 million in the same quarter, compared to $279 million a year ago.
Poor, Sprint. We sure hope their WiMAX XOHM network helps pull them out of the rut that they’re in.
[Via: WSJ]
We all know sprint makes you pay 1 month in advance for service. A few years back I had a sprint phone with a spending limit of $150 on the account. One day I decided to terminate the contract and agreed to the $150 early termination fee. Those dummies added the $150 termination fee to my spending limit. I could not make any calls for the final month that I had alreay paid for in advance because my spending limit was tied up by the termination fee. Sprint deserves to lose so many customers! They steal your money on the final month if you early terminate.