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Phone company to cut 700 jobs
OVERLAND PARK, Kan. Sprint plans to cut 700 jobs in its business solutions division. It will also take a charge against earnings in its third quarter to reflect a decline in value of its long-distance assets. A majority of the job cuts will come from sales and support. The business division was reduced by eleven-hundred jobs this summer, just the latest in a series of restructuring moves.
Company officials promise to disclose the amount of the charge when Sprint releases quarterly results next week. It revealed that third-quarter operating earnings will top Wall Street's estimate of 21 cents per share.
Sprint has 70-thousand employees company-wide.
It is cutting back on selling stand-alone products in highly competitive markets like long-distance in favor of bundled offerings of long-distance, local service and wireless.
Copyright 2004 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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