Sprint Starts Layoffs, Will Take $160M Charge

News Analysis Dan Jones, Mobile Editor 10/3/2014

Sprint said Friday that it has begun a program of layoffs that will result in a $160 million charge for the company in the September quarter.

New Sprint Corp. (NYSE: S) CEO Marcelo Claure said that the company would be making cuts in his first town hall as the new boss of the operator back in August.

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In an SEC filing, Sprint didn't put an exact number on how many people will be cut, but said the layoffs will include management and non-management positions and be "largely completed" by the end of October.

The carrier also isn't ruling out more cuts in the future. "Additional material charges associated with future labor reductions may occur in future periods," the operator says in the filing.

— Dan Jones, Mobile Editor, Light Reading