Sprint Expects Higher Earnings
Sprint Corp. said Thursday that it expected earnings in the current quarter and next year to exceed Wall Street expectations as it cuts costs to offset weak demand and stiff competition, sending its shares higher.
The No. 3 U.S. long-distance telephone company has seen calling volumes drop as more customers shifted to mobile phones and electronic mail.
The Overland Park, Kan.-based company also has been trying to revamp its wireless promotions to improve its customer mix and offset tougher competition and price wars.
Sprint’s new financial forecast came a day after it said it would cut about 2,100 jobs.
Shares of Sprint’s main unit, FON Group, gained 95 cents, or 7%, to close at $14.55 on the New York Stock Exchange.
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