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BT Cuts 2,000 Jobs, Invests in Network Expansion
BT cuts 2,000 jobs to slash costs while investing in full-fibre and 5G expansion. The company reports a drop in profits but maintains its earnings guidance.
English
United Kingdom
TechnologyLabour MarketInvestmentJob CutsTelecomProfit
BtBt Group
Allison Kirkby
- How many jobs did BT cut, and what was the reason?
- BT, a telecoms giant, cut 2,000 jobs to reduce costs. This is part of a larger plan to reduce its workforce to between 75,000 and 90,000 by 2030 and save billions.
- What investments did BT make despite the job cuts?
- Despite job cuts, BT invested in expanding its full-fibre network and 5G coverage. They now reach over 16 million premises and 80% of the UK population respectively.
- What did BT's CEO say about the company's progress and plans?
- Allison Kirkby, BT's CEO, stated that the company is modernizing its operations while investing heavily in infrastructure improvements. The company is on track to meet its cost-cutting targets ahead of schedule.
- What were BT's financial results for the first half of the year?
- BT's pre-tax profits dropped 10% to £967 million, and revenues fell 3% to £10.1 billion in the first half of the year. The company attributes this to factors outside the UK and reduced sales of less profitable kits.
- What were the cost savings achieved by BT in the first half of the year?
- BT's cost-cutting measures resulted in £433 million in annual savings in the first half of the year alone. The company maintained its underlying earnings guidance despite the revenue decline.