Well, at least they didn't wait for the holidays like always seems to be the case. Today TeliaSonera's rather dismal earnings report was accompanied by news of its plans to lay off 2,000 jobs over the next several years, or 7% of the company's workforce. At least that's the initial estimate, with an aim to save SEK 2B.
The anemic European economy combined with shrinking voice revenues and the costs of handling growing mobile data traffic growth are squeezing both the top and bottom lines for TeliaSonera. Layoffs are, therefore, not terribly surprising, but that will come as no consolation to those affected.
TeliaSonera has been trying to offset declining industry-wide trends in its European strongholds by moving eastward. But the ongoing hoopla over the Uzbek bribery scandal has set them back on that front as well, so the company is one of many that are hoping this year hurries up and ends already.
If you haven't already, please take our Reader Survey! Just 3 questions to help us better understand who is reading Telecom Ramblings so we can serve you better!Categories: Financials · ILECs, PTTs