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SoftBank to slash thousands of jobs at Sprint

Nov. 04, 2015 4:39 AM ETSoftBank Group Corp. (SFTBY) StockSFTBF, SFTBY, SBy: Yoel Minkoff, SA News Editor13 Comments
  • Japan's SoftBank (OTCPK:SFTBY) reported weaker-than-expected net profit for its fiscal second quarter, as it works to turn around Sprint (NYSE:S), the U.S. wireless carrier it bought in 2013.
  • Net income fell 56% from a year ago to ¥213B, missing analyst expectations of ¥262B.
  • At a news conference following the results, SoftBank Chairman Masayoshi Son said the company would slash thousands of jobs at Sprint in an effort to cut more than $2B of fixed annual costs from the struggling unit.

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