The cost of ongoing restructuring at BT--including expenses related to the voluntary separation of 2000 employees so far, and the eventual shedding of about 5000 jobs overall--caused BT's net profit to drop about 29% to about $717 million in the third quarter, compared to the same quarter last year. BT announced a corporate re-alignment last spring, and also has lost a few key executives since.
Meanwhile, wireline access line revenue was just 1% lower than the same period last year, suggesting access line loss might be slowing for BT. Broadband revenue was up about 12%.
For more:
- The International Herald Tribune covers BT's earnings
- The Times Online (London) reports on job reductions
Related articles:
- BT exec Andy Green recently left the company
- BT made our list of Top 10 Service Providers on the Cutting Edge