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.