Sprint Nextel to cut 5000 jobs in order to cut costs

Sprint Nextel to cut 5000 jobs in order to cut costs

US based mobile service provider Sprint Nextel Corp. has said that they would be cutting as many as 5000 jobs as they struggling in the domestic market to retain customers.

The company revealed that they suffered a net loss of 300,000 monthly subscribers in the fourth quarter.

This was not good news for the company as their stock took a hit of more than 8 percent after the financial update.

Sprint however said that its 2006 results to be in line with its previous guidance. They are likely to report full-year revenue of $41 billion to $41.5 billion.

The fourth quarter saw the company adding 742,000 net subscribers. They ended the year 2006 with around 53.1 million customers. However, this number includes the numbers from their collaborators including the Virgin Mobile brand.