Last updated: December 5, 2008 - 9:45am
A move by AT&T to eliminate 4% of its workforce may only be the beginning of a torrent of staff reductions and spending cutbacks in the $1 trillion telecom industry. As customers rein in spending on communications services, more staff reductions and capital spending cuts are probably on the way for telecommunications providers, moves that would probably hurt telecom equipment makers. "Telecom will be one of those sectors of the economy that gets hurt more than other parts [of technology]," says Susan Eustis, CEO of consultancy WinterGreen Research. As Americans lose jobs and struggle to make mortgage payments, more people are disconnecting their landlines, TV channels, and even Internet connections.
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