📉📱 Breaking News from the Telecom World! 📱📉
BT is facing challenging times, as the telecoms giant reveals it has cut 5,000 jobs amid fierce market competition. Over the past few months, BT has seen a considerable drop in its Openreach broadband customer base, losing a whopping 242,000 users to rivals. 📊
As part of a bold cost-cutting strategy, BT is focusing on its home turf, aiming to revitalise its UK services and hone in on new business ventures. This massive turnaround plan has already cut the workforce by 6%, a move that’s expected to lead to nearly £3 billion in savings annually. 💰✂️
However, these efforts come with a backdrop of dwindling revenues and profits. Group revenues fell by 3% to £9.8 billion, while pre-tax profits slipped by 11% to £862 million. The decline in legacy landline services and a cooling mobile phone market are contributing factors. 📉
CEO Allison Kirkby remains optimistic, stating, “BT is delivering on its strategy in competitive markets and we’ve seen customer growth in broadband, mobile, and TV. Our UK-focused transformation is on track despite the tough international landscape.” 🚀
What are your thoughts on BT’s drastic measures and the intense competition in the telecom sector? 🤔 Let us know in the comments!