However, its second-quarter net income fell almost 61 per cent from the same period last year to $196 million.

Can’t have lower profits now can we.

  • AutoTL;DR@lemmings.worldBEnglish
    4·
    1 year ago

    This is the best summary I could come up with:

    Telecommunications giant Telus says it plans to trim 6,000 jobs, citing its need to free up cash flow and remain competitive.

    The cuts were made with “a very heavy heart” and prompted by the “evolving regulatory, competitive and macroeconomic environment,” said Darren Entwistle, the company’s president and chief executive.

    “Against the backdrop of rapid transformation in our industry and the ways in which our customers want to engage with us, today we are announcing a significant investment in an extensive efficiency and effectiveness initiative across Telus,” he said in a news release.

    The restructuring comes amid what the company calls “resilient” second-quarter results, with mobile network revenue increasing by nearly six per cent in the three months that ended in June compared to the same period last year.

    Yet Entwistle positioned the company’s strategy of building out broadband networks, digitizing operations and streamlining costs as “winning.”

    This cut comes as telecommunications businesses are striving to streamline their operations as they grapple with regulatory action amid soaring interest rates and stubbornly high inflation.

    I’m a bot and I’m open source!