Sprint stock hit hard in wake of earnings call

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

Following Sprint’s announcement of layoffs and a weakened financial outlook in its Monday earnings call, shares of the Overland Park, Kan.-based telecom company took a hit Tuesday, closing the day down $1.02, or 16.5 percent, at $5.18.

At one point Tuesday, the stock dropped to $4.86 per share, the lowest price for Sprint shares since the No. 3 U.S. wireless provider was acquired by Tokyo-based SoftBank Corp. in 2013.

Sprint’s general guidance on next year’s results was about 20 percent less than forecasts, leaving some analysts bearish on Sprint, which brought in new CEO Marcelo Claure in August to help reverse its fortunes.

Read more from the Kansas City Star

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