CenturyLink Looking to Cut 8% of Workforce, or About 3,400by
Memo from CEO Glen Post was sent to employees Wednesday
Revenue fell 1% last year and predicted to fall 2% this year
CenturyLink Inc., the Monroe, Louisiana-base phone company, is planning to eliminate 7 percent to 8 percent of its workforce to cut costs as sales decline in its landline communications business.
“After careful consideration, CenturyLink has made the difficult decision to reduce its employee-related costs,” spokesman Mark Molzen said in an e-mail.
Initial employee cuts will be voluntary, according to Molzen. The company had 42,800 employees as of June 30, which means it’s targeting the reduction of as many as 3,400 workers. CenturyLink Chief Executive Officer Glen Post notified employees in a memo Wednesday, Molzen said. The job cuts were first reported Friday by CRN, an industry publication.
CenturyLink, which has no wireless service and has been exploring the sale of its data center business, saw sales fall 0.7 percent last year to $17.9 billion. Analysts project revenue will decline 2 percent this year, according to the average of estimates compiled by Bloomberg.