T-Mobile USA Inc to cut off 5,000 jobs amid surging competition: Report

livemint.com:

Bloomberg. This development comes as a surprise, considering T-Mobile is the fastest-growing wireless carrier in the US. The move indicates that the telecom company is looking to offset a new round of discounts and free phone promotions as the holiday season approaches, as reported by Bloomberg. T-Mobile, like other US carriers, is grappling with a slowdown in subscriber growth as cable giants Comcast Corp.

and Charter Communications Inc. sign up hundreds of thousands of new customers by offering free mobile lines. T-Mobile is likely to cash in on the newest arrival of Apple Inc.'s phones.

According to media reports, T-Mobile had in July topped profit estimates and raised its subscriber forecast for the year. T-Mobile shares fell less than 1% in New York. The report stood out from its peers Verizon Communications Inc.

and AT&T Inc., which both reported disappointing customer gains. Notably, AT&T Inc. has also been cutting jobs, eliminating 74,130 employees, including through divestitures, or 32% of its total staff since the beginning of 2021 through June 30.

AT&T increased its cost cut target by $2 billion to $8 billion over the next three years. The Dallas-based phone giant is currently restructuring operations by reducing more than 300 offices nationwide to 9 hubs. The move is expected to displace between 6% and 15% of its staff of 156,630.