- Telus Corp. (TSX:T) said it plans to cut 6,000 jobs globally
- The company said this is because it needs to free up cash flow and remain competitive
- The cuts include 4,000 positions at its main Telus business and 2,000 at Telus International
- Shares of Telus Corp. are up .22 per cent to C$23.14 as of 12:25 p.m. ET.
Telus Corp. (TSX:T) plans to cut 6,000 jobs globally, the company announced while releasing its Q2 2023 results.
In a news release, the Canadian telecommunications company said the job cuts come as a result of needing to free up cash flow and remain competitive.
The cuts include 4,000 positions at its main Telus business and 2,000 at Telus International.
Darren Entwistle, CEO of Telus, explained the layoffs come with a “heavy heart” and said the company will offer early retirement and voluntary departure packages.
“Against the backdrop of rapid transformation in our industry and the ways in which our customers want to engage with us, today we are announcing a significant investment in an extensive efficiency and effectiveness initiative across Telus,” Entwistle said in the statement.
The layoffs come in the midst of what the company calls a “resilient” second quarter with 110,00 mobile phone additions – its best second quarter since 2010.
However, its second-quarter net income fell almost 61 per cent from the same time last year to $196 million.
“Our resilience and ability to embrace change and continuously evolve the way we operate are cornerstones of our Telus culture and will continue to fuel our future success,” Entwistle said.
With its headquarters out of Vancouver, Telus designs, builds, and delivers a wide range of solutions, including AI and content moderation, for global and disruptive brands across strategic industry verticals, including tech and games, communications and media, e-commerce and fintech, banking, financial services and insurance, healthcare and others.
Shares of Telus Corp. are up .22 per cent to C$23.14 as of 12:25 p.m. ET.
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