Can Sprint Move Higher?
T = Trends for a Stock’s Movement
Sprint offers wireless and landline communications products and services to individuals and businesses in the United States. Through its two segments, Wireless and Wireline, it offers voice and data transmission services to subscribers in all 50 states, Puerto Rico, and the United States Virgin Islands under the Sprint corporate brand, which includes its retail brands of Sprint, Nextel, Boost Mobile, Virgin Mobile, and Assurance Wireless. An increasing share of the population is opting for these communications products and services, fueling profits for Sprint.
Sprint is cutting more than 1,400 jobs across the country, according to a recent report from CNET and FierceWireless. The company is closing call centers and underperforming retail stores, as well as cutting jobs related to refurbishing phones. The company laid off 330 technical consultants, closed 150 service and repair centers, and shuttered its 55 worst performing retail stores. The actions were part of a larger cost-cutting plan that was originally announced in January.
A Sprint spokesperson declined to give an exact number of jobs that are being cut. “We stated in January that we would be going through this process during the first half of 2014,” she said. “A final total figure has not been determined, but the majority of reductions are complete,” she added, per FierceWireless. Sprint is hoping that cutting costs will enable it to upgrade and overhaul its existing network, replacing its 3G network for better performance and adding in 4G LTE. Earlier this year, Sprint announced that customers would have to “pardon our dust,” as customers may experience inconveniences due to the network’s growing pains.