Friday, December 5, 2008
AT&T Inc. said it would axe 12,000 jobs a fresh wave of cuts to cope with an economic downturn that has exacerbated a decline in traditional phone sales.
AT & T attributed the job cuts to "economic pressures, a changing business mix and a more streamlined organizational structure."
The carrier also plans to cut its 2009 capital spending from this year's levels, though actual spending plans have not yet been finalized. AT&T said it would provide details on its capital spending in late January.
The cuts come as the company struggles with declining landline sales, as many consumers switch to wireless or alternative, cheaper services offered by cable and Internet companies.
Shares of AT&T were up 1.4 percent to $29.53 in early trading on the New York Stock Exchange.
By: DocMemory
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