NII plans to cut or reassign 20 pct of Va. jobs
RESTON, Va. (AP) — NII Holdings Inc., which provides wireless service in Latin America, said Tuesday that it is cutting 20 percent of jobs at its Reston, Va., headquarters to trim costs.
Some positions that were based in Virginia will be reassigned to the company's operations in Latin America, where the vast majority of the company's employees work.
The company did not say Tuesday how many people would be affected. It had fewer than 400 U.S. employees at the end of 2011, and about 97 percent of NII's 15,300 employees were already based in Mexico and South America.
Shares shed a penny to $7.40 in afternoon trading. The stock has lost nearly two-thirds of its value this year. In the year through June, NII posted a loss in three quarters. Competition has increased, as have expenses. NII has been investing in a new 3G wireless network.
The company reports on its July-September quarter on Wednesday.
The headquarters jobs cuts will cost NII about $8 million in the current quarter.