Sprint to cut up to $2.5B in costs, lay off employees

Sprint Corp. announced Sunday it would trim expenses in fiscal 2016 by up to $2.5 billion through layoffs and other cost control measures.

According to the St. Louis Post-Dispatch, a Sprint spokesman declined to state how many employees would be cut from the Overland Park, Kan.-based company.

Sprint posted a $20 million loss at the end of its first quarter ended June 30, as revenue fell 8.7 percent to $8.03 billion – below analyst estimates of $8.43 billion.

Majority stakeholder, Japanese telecommunications provider SoftBank Group Corp., said it had no plans to sell its shares of Sprint stock.

Read more from the St. Louis Post-Dispatch.