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Tough climate spells rough ride for this telco...
By Ian Jones
Published: 18 October 2001 12:09 BST
Sprint is to axe 7,500 jobs as a result of the decision to shut down its ION consumer and business telecoms services in an effort to cut costs.
Permanent staff will be the hardest hit with 6,000 roles set to disappear, while a further 1,500 contractors will also find themselves looking for work elsewhere.
According to William T Esrey, chairman and CEO of Sprint, the tough economic climate means the company can no longer afford the investment required to further its ION product line.
The news comes on the back of Q3 results, which were in line with analyst estimates. Net revenues were up 55 per cent to $2.65bn, from $1.71bn in the same quarter last year.
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