5:50 PM -- The Wall Street Journal is reporting that Sprint Corp. (NYSE: S) is considering laying off "several thousand" workers in a bid to turn its fortunes around in 2008.

The cuts are designed to indicate to investors the company means business about controlling costs. It may also close down its operational HQ in Overland Park, according to the Kansas City Star.

Investors have been unhappy with the third-placed U.S. cellular operator's performance through much of 2007. The firm's CEO was even pushed out, thanks to shareholder pressure. (See 2007 Top Ten: Sprint Shockas.)

Sprint laid off around 5,000 at the beginning of last year but hasn't had any significant layoffs since. The company was also handy with the pink slips after the telecom bubble burst in the early 2000s, laying off more than 20,000 through 2004.

There is also still talk of spinning off the XOHM WiMax venture this year. Sprint didn't rule that out either at CES last week. (See CES: Sprint's in the XOHM.)— Dan Jones, Site Editor, Unstrung