Sprint sees fourth-quarter charge of $165 million for severance
NEW YORK Jan 23 (Reuters) - Sprint Corp said on Thursday that it expects to report a fourth-quarter charge of $165 million for severance and related items as it is cutting jobs to reduce its costs.
The No. 3 U.S. mobile operator, which is 80 percent owned by Japan's SoftBank Corp, said it also expects more material charges in future periods associated with a workforce reduction plan that will include management and non-management positions throughout the company.
It said that the cutbacks were kicked off on January 16 and are expected to be mostly finished by the end of June but did not say how many employees would be affected in a regulatory filing announcing the charges.