Sprint cutting jobs, won't bring back Nextel brand

|About: Sprint Corporation (S)|By:, SA News Editor

Sprint (S -3.2%) discloses it recently began implementing job cuts, and plans to record $165M in related Q4 charges. "Additional material charges" are expected in future quarters.

News of the cuts comes amid concerns Sprint, which is scrambling to build out its 4G LTE network and neutralize Verizon/AT&T coverage leads, continues to lose share to rivals. Verizon and T-Mobile's recent numbers have amplified those fears.

Separately, Sprint announces it has no plans to bring back the Nextel brand. TechCrunch reported last month the carrier is looking to reintroduce the Nextel brand to underpin its business services.

Sprint's Q4 results are due on Feb. 11.