TeliaSonera to Cut 2,000 Jobs After Earnings Fall Short
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TeliaSonera AB, Sweden’s biggest phone company, plans to cut 2,000 jobs after reporting third-quarter earnings that missed analysts’ estimates as increased competition caused slowing sales in the Nordic region.
The reductions, equivalent to 7 percent of the workforce, are aimed at lowering costs by 2 billion kronor ($304 million) in the next two years. Earnings excluding interest, taxes, depreciation, amortization and one-time items dropped 6.3 percent to 9.26 billion kronor, the Stockholm-based company said in a statement today. Analysts predicted 9.42 billion kronor on average in a Bloomberg survey.