Seeking Alpha

Sprint cutting jobs, won't bring back Nextel brand

  • 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.
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