AT&T to trim workforce
Telecom giant will lay off 1.5 percent of its employees, as it streamlines operations following the acquisition of several regional companies in recent years.
AT&T will cut roughly 1.5 percent of its workforce, primarily among its management ranks, according to a filing Friday with the Securities and Exchange Commission.
The move is part of its "next step in streamlining its operations," following its acquisitions of several regional companies in recent years. AT&T expects to take a pre-tax charge of $374 million in the first quarter as a result of the layoffs.
AT&T said that most of the positions will be in areas that have little contact with customers and that it's workforce is expected to remain stable through the rest of the year.
The layoffs come as AT&T prepares to announce its quarterly results Tuesday.
The telecom behemoth said earlier in the year that a sluggish U.S. economy was resulting in an increase in customers disconnecting service, but this was not anticipated to be significant enough to "materially" harm the quarters results, according to a report in MarketWatch
Shares of AT&T were up a slight 33 cents in pre-market trading to $37.90 per share.