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The US telecom industry is currently facing a challenging period as major players like Verizon, Crown Castle, and Cisco announce layoffs to cope with the economic downturn and increasing competition. This news isn't isolated; it reflects broader challenges within the technology sector.
Crown Castle, a prominent cell tower company, disclosed in an SEC filing that it is implementing a restructuring plan to reduce costs and align its operational needs with lower tower activity. The plan includes cutting approximately 15% of its total employee headcount, impacting around 750 jobs. This move comes after Crown Castle slashed $90 million from its 2023 financial forecast, signaling the severity of the financial strain.
Another industry giant, Verizon, is also streamlining its workforce under its cost-savings program. The company's Global Services program will bear the brunt of the job cuts. While the exact number of jobs affected remains undisclosed, Verizon aims to achieve significant savings through this initiative, following its successful $10 billion cost-cutting program concluded in 2021.
AT&T, Cisco, Dish Network, and Ericsson are other companies navigating similar circumstances. AT&T aims to reduce its budget by $6 billion through its ongoing program initiated in 2020. On the other hand, Cisco has recently completed a restructuring effort affecting approximately 5% of its workforce, prioritizing investments in its transformational journey.
The telecom industry's landscape rapidly evolves, prompting companies to adapt and realign their strategies. However, behind these headlines and numbers lie the livelihoods of thousands of employees affected by the layoffs. Our hearts go out to all those facing uncertainty during these challenging times.
Take Action: As an industry professional, staying vigilant and supporting those impacted by these changes is essential. If you or your business require guidance or assistance during this transition, don't hesitate to ask for help. Schedule a Complimentary Consultation with our team to explore potential solutions and navigate these turbulent times together.
We can work towards a more resilient and prosperous future for all.
Source: https://www.lightreading.com/aiautomation/verizon-crown-castle-cisco-confirm-layoffs/d/d-id/785790#close-modal
Any opinions are those of The Lynch Retirement Investment Group, LLC, and not necessarily those of Raymond James or Raymond James Financial Services. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation.
 Lynch Retirement Investment Group2016, 2017, 2018, and 2019 |
 John M. Lynch, CIMA®, CPWA® |
John M. Lynch, CIMA®, CPWA® Managing Director – LRIG
Financial Advisor– RJFS, of The Lynch Retirement Investment Group, LLC.
Was named on the 2021 Forbes Best-In-State Wealth Advisor List.
John M. Lynch, CIMA®, CPWA® |
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Andrew Fentress, CFP® |
Adam Tobin, CFP®, CRPC |
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