Shares of Sprint plummeted over 14 percent Monday on news that the carrier will be cutting 2,500 jobs.
According to Bloomberg, Sprint will slash nearly 7 percent of its workforce as part of its previously announced plans to cut $2.5 billion in costs.
Employees were reportedly sent an email last week that detailed the cuts, which were mostly aimed at customer care positions. The timing is in hopes that termination letters can be sent by Jan. 30 so as to qualify the employees for better severance benefits.
Sprint CEO Marcelo Claure has called his company’s turnaround one of the “most difficult” in the world.
The news comes after Sprint on Monday announced that it had doubled the number of markets where it’s LTE Plus network is live.
Just last week, Sprint said it was mvoing up its quarterly earnings call by a week. The company will now give its fiscal third-quarter results on this Tuesday, January 26.
Analysts expect quarterly results to come in at around 25 cents a share on revenue of $8.22 billion. Annual earnings are anticipated to decline. During the same quarter last year, Sprint wrote down a loss of 6 cents a share, $8.97 billion in revenue.
As of 3:54 p.m. ET, shares of Sprint were down 14 percent to $2.48.