Swisscom Takes CHF50 Million Charge For 100 Job Cuts In 2013
November 01 2012 - 1:33AM
Dow Jones News
Swisscom AG (SCMN.VX) said it will take a CHF50 million charge
against its fourth quarter earnings in connection with 100 job
losses next year.
MAIN FACTS:
- The company said it will cut 400 jobs next year - 100
managerial and 300 other positions from its workforces of 16,415
people.
- At the same time, Swisscom said it will create 300 jobs in
growth areas.
- The changes were being introduced to react to changes in the
telecoms market, Swisscom said.
- "Where 10 years ago voice telephony was the single largest
source of revenues, its contribution has declined strongly ever
since. Simultaneously, Swisscom has built numerous new businesses
with which the company generates a multibillion revenue stream,
thereby nearly compensating for the erosion of the classical
telephony business," Swisscom said.
- In August Swisscom said it expects lower net revenue of
CHF11.3 billion for the full year of 2012, due to the continued
strength of the Swiss franc versus the Euro, but kept other
financial guidance unchanged, including a forecast of earnings
before interest, tax, depreciation and amortization of CHF4.4
billion.
- Swisscom reports it 3Q results on Nov. 8.
-Zurich Bureau, Dow Jones Newswires, +41 43 443 80 47;
zurichdjnews@dowjones.com
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