Modest-sized telecom CenturyLink Inc. (NYSE: CTL) will lay off 8% of its workers, or more than 3,000, according to CRN. The wild competition within the industry may make a recovery difficult. Its share price has dropped 19% in five years.
After months of grappling with declining revenue in its legacy voice services, CenturyLink revealed plans to slash its staff by as much as 8 percent, a move that could impact more than 3,000 employees.
In a memo issued to employees Wednesday, CenturyLink CEO Glenn Post said that sinking legacy revenue has resulted in a loss of $600 million a year for the company. As a result, CenturyLink would need to reduce its staff of about 43,000 global employees by laying off about 3,500.
The company’s revenue has been virtually flat at $18 billion for three years.
The company describes itself as follows:
… a global communications, hosting, cloud and IT services company enabling millions of customers to transform their businesses and their lives through innovative technology solutions. CenturyLink offers network and data systems management, Big Data analytics and IT consulting, and operates more than 55 data centers in North America, Europe and Asia. The company provides broadband, voice, video, data and managed services over a robust 250,000-route-mile U.S. fiber network and a 300,000-route-mile international transport network.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
