BT sets plan to cut 55,000 jobs by end of decade
By Steve Goldstein
U.K. telecoms provider BT Group set plans to cut up to 55,000 jobs by the end of the decade as it completes the rollout of high-speed broadband.
BT Group says it is aiming to reduce its total labor force, which includes contractors, from 130,000 down to between 75,000 to 90,000 by fiscal 2028 to fiscal 2030.
"It is not surprising that in an inflationary and high-interest rates environment where costs are higher and increased expenses for servicing debt, telecommunication companies are employing technology to decrease costs wherever possible," said Albie Amankona, analyst at Third Bridge.
U.K.-based mobile operator Vodafone Group on Tuesday said it would cut 11,000 jobs over three years.
BT said revenue and adjusted EBITDA for its fiscal year was in line with its outlook but normalized free cash flow of GBP1.33 billion was at the lower end of guidance due to spending on building the Openreach fiber network.
For fiscal 2024, it's targeting revenue and EBITDA growth on a pro forma basis; and normalized free cash flow between GBP1 billion and GBP1.2 billion. BT shares dropped 8% in early trade.
-Steve Goldstein
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-18-23 0544ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom