T-Mobile Lays Off 7% of Workforce as Competition Heats Up
T-Mobile (NASDAQ: TMUS) is navigating the slowdown in the wireless industry better than rivals AT and . While AT reported slowing postpaid phone subscriber growth in the second quarter and Verizon lost subscribers, T-Mobile put up record numbers. The company gained 760 thousand net postpaid phone customers during the quarter, and its postpaid churn dropped below that of its rivals.
"If you were wondering how T-Mobile would perform if growth in our category moderated, I think you'll find the answer in our latest results," proclaimed T-Mobile CEO Mike Sievert in the company's earnings release.
Despite the strong Q2 results and boosted guidance for the full year, T-Mobile is girding for a tougher environment ahead. On Thursday, the company announced significant layoffs that will reduce the number of corporate, back-office, and technology roles. T-Mobile will let about 5,000 employees go, approximately 7% of its headcount.
Source Fool.com
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