Things haven't been looking up for Sprint ever since the rumored T-Mobile merger failed to happen. There's a new CEO and the carrier has been slashing prices, but it continues to lose cash. Now, Sprint's Japanese parent company SoftBank has announced plans to cut several thousand jobs at Sprint in order to reduce costs.

Sprint has recently fallen behind rival T-Mobile as CEO John Legere continues to push for big consumer-friendly reforms. Sprint has taken a similar approach, and to a certain degree, it's working. Sprint gained more subscribers than it lost in the last quarter, and it had record low cancellation rates. However, it continues to hemorrhage money with losses amounting to $585 million last quarter. SoftBank expects the job cuts to save at least $2 billion, but it hopes to go even deeper.

In addition to the job cuts, Sprint is reducing overhead any way it can. For example, employees at the company's headquarters no longer get free snacks, and they have to empty their own trash cans. The horror. Sprint's biggest problems continue to be a network that tends to perform behind the competition and public perception that is also well behind its rivals. I'm sure the comments on this post will be pretty negative toward Sprint, and that's not something you can fix by building new towers.