Telstra axes 8,000 jobs, shares plummet

21 June, 2018, 06:02 | Author: Billie Castillo
  • BREAKING| Telstra To Cut 8,000 Jobs

The telecommunications giant says one-in-four executives and middle managers will be sacked as it cuts 8000 employees and contractors over the next three years.

Less than a month ago, Telstra warned that 2017/18 earnings would probably be towards the bottom end of its $10.1 billion to $10.6 billion guidance range.

"The rate and pace of change in our industry is increasingly driven by technological innovation and competition", Mr Penn said.

"We are now at a tipping point where we must act more boldly if we are to continue to be the nation's leading communications company".

Mr Penn said simplifying product offerings and structure enables Telstra to increase its productivity program by an extra $1 billion to $2.5 billion, but would have an impact on the number of jobs at Telstra over the next three years.

"Some investors think the Telstra patient needs radical surgery, and could view today's measures as band-aids", he said.

Penn said the company had to take action to stay on top in a highly competitive market where technology was evolving quickly. "In this environment traditional companies that do not respond are most at risk", he said.

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"I should say we are prepared to give up more than $500 million worth of revenues in the sorts of charges that we know have frustrated customers for many years. but ultimately we believe that will drive more customers coming to Telstra".

The company employs 32,000 people across 20 countries, according to its most recent annual report.

The telecoms firm has a range of businesses including fixed broadband, mobile, data and IP, network application and services and digital media.

InfraCo will own an estimated $11 billion in assets comprised of Telstra's fixed networks infrastructure including data centres, non-mobiles related domestic fibre, copper, HFC, subsea cables, exchanges, poles, ducts and pipes.

As part one of the four pillars of its "Telstra2022" strategy, the telco shared more details with shareholders about how the new infrastructure business, Telstra InfraCo will operate.

It plans to split its infrastructure assets into a new wholly owned business unit in preparation for a potential demerger, or the entry of a strategic investor, in a post-national broadband network rollout world. "By creating a new infrastructure-focused business unit we will better optimise and manage these assets".

The company sees Ebitda of between A$8.7 billion and A$9.4 billion in fiscal 2019, excluding restructuring costs of about A$600 million.

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