BT came out swinging into 2010 as it reported better-than-expected results for fiscal Q3 09. While the British incumbent operator reported that revenue declined 4.4 percent year-on-year to $8.13 billion, the loss was less than analysts' expectations of $21.9 million.
Going into 2010, BT said that ongoing cost cutting and improved performance of its Global Services division will give it about $8.92 billion for the entire 2009-10 year period. During the three months to end-December 2009, BT said its operating costs and capex had declined by $1.1 billion, while underlying group operating costs declined 10 percent, which BT attributes to labor cost reductions and cutting costs across all of its business units.
"These results show that we are making progress," said Ian Livingston, CEO of BT in a statement. "There is still a lot more to be done but our commitment to improved customer service and cost transformation is starting to deliver results and freeing up resources to invest in our future. In particular, we are one of Europe's largest investors in super-fast fiber-based broadband and this will bring huge benefits to our customers and the UK."
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