CORRECTED - UPDATE 1-Sprint to cut up to 2,500 jobs, sees charge
(Corrects to refer to New York Stock Exchange instead of Nasdaq in paragraph five
* to cut up to 2,500 jobs out of 42,000
* sees $60 mln-$80 mln charge
* Sprint shares up 19 pct
NEW YORK, Nov 9 (Reuters) - Sprint Nextel Corp <S.N is taking actions to eliminate 2,000 to 2,500 jobs in the current quarter in an effort to save $350 million annually.
Sprint, which has about 42,000 employees, will take a charge of $60 million to $80 million in the current quarter for severance payments and other costs related to the cutbacks, the company said on Monday.
The No. 3 U.S. mobile service said many of the job cuts would happen by the end of December and would include jobs across the entire company including layoffs in its wholesale unit as well as a reduction in contractor jobs.
Last week Sprint, which has been working on stemming customer losses in its mobile business, had said that it was planning dozens of layoffs in its wholesale business due to a lack of growth in its landline business.
Sprint shares were up 54 cents or almost 19 percent at $3.38 on New York Stock Exchange after the news (Reporting by Sinead Carew; editing by Carol Bishopric)
