A Sprint store in Springfield | Nicole Lunger/Missouri Business Alert

Sprint to slash $2.5 billion in spending, likely to cut jobs

Sprint Corp. is targeting $2.5 billion in spending cuts, or a 7 percent reduction in the company’s operating budget, which the wireless provider acknowledged will likely mean layoffs.

The Overland Park, Kan.-based company released a statement Thursday afternoon saying it has started to “significantly take costs out of the business so the transformation of the company will be sustainable for the long-term.” Sprint, which had 31,000 employees as of March, did not say how many jobs would be lost, or in what areas.

This marks the second major round of cost-cutting under Marcelo Claure, who took over as Sprint’s chief executive in August 2014. During Claure’s first year, Sprint eliminated $1.5 billion in costs, cutting 3,700 jobs.

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