- 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.
SoftBank to slash thousands of jobs at Sprint
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Symbol | Last Price | % Chg |
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SoftBank Group Corp. |