Independent telco Cincinnati Bell reported a profit of $28.8 million for the first quarter, more than double what it had for the same quarter last year. But, the company still announced plans to reduce its workforce by about 7 percent, or 200 jobs, pointing to shrinking revenue and an overall soft economic environment as the reasons behind the cuts.
The company's revenue for the quarter fell about $23 million to $325.5 million, and was down in just about every segment--wireline, wireless and in the firm's technology solutions unit. Cincinnati Bell also said it would suspend corporate contributions to its employees' retirement plans.
- The Dayton Business Journal has this report
Cincinnati Bell profited in the fourth quarter, but froze management pay