“Thousands” of jobs are to be cut at Sprint, the U.S.’s fourth-largest wireless carrier, as part of cost-cutting measures, according to comments given by SoftBank chief executive Masayoshi Son at a Tokyo press conference Wednesday.

The announcement comes the day after Sprint reported lower-than-expected quarterly results, from a quarter in which it added 1.1 million net customers. The company put the earnings miss down to aggressive promotional price cuts, though shares still slid more than 7 percent following the announcement.

“Slashing prices has helped [Sprint] stop the bleeding of subscribers … but it has accelerated the bleeding of cash,” MoffettNathanson analyst Craig Moffett said in a research note cited by Reuters.

SoftBank, a Japanese multinational telecommunications and Internet corporation, acquired a 78 percent stake in Sprint two years ago for $21.6 billion.

Sprint has been particularly struggling to keep up with U.S. rival T-Mobile, which nabbed the third spot from Sprint in the carrier race back in August.