Sprint is reportedly planning to kick-off a new initiative to save costs across the business that will ultimately result in job cuts, according to a new report on Friday.

The Wall Street Journal said Sprint will spend the second half of this year cutting up to $2.5 billion in spending in an effort to "step up its belt-tightening." The carrier recently fell to fourth place among the top U.S. wireless service providers, now behind Verizon, AT&T and T-Mobile, as customers have opted to move to alternatives.

Sprint's CFO Tarek Robbiati issued a memo to Sprint employees that was received by The Wall Street Journal. In it, Robbiati admitted that the $2.5 billion cost-cutting initiative "inevitably will result in job reductions."

Robbiati didn't discuss how many employees will lose their jobs, or in what sectors.