T-Mobile Is Laying Off Thousands of Employees -- Here's What Investors Should Know
T-Mobile US (NASDAQ: TMUS) calls itself the "Un-carrier." The tagline underscores the company's attempt at differentiation in the intensely competitive wireless industry. But T-Mobile has a lot in common with fellow telecom giants AT (NYSE: T), which laid off 9,400 employees in 2022, and Verizon Communications (NYSE: VZ), which cut 10,400 workers last year and has made further workforce reductions in 2023.
On Thursday, T-Mobile announced plans to lay off thousands of employees. Here's what investors should know.
T-Mobile revealed in a regulatory filing to the Securities and Exchange Commission that it intends to reduce its workforce by nearly 7%. In an email to employees, CEO Mike Sievert said that around 5,000 positions will be impacted over the next five weeks.
Source Fool.com
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