Cingular Suffers Big Loss In First Quarter
Cingular Wireless reported a loss of $240 million for the first quarter even though the company has experienced solid revenue and subscriber growth.
In the same quarter a year ago, Cingular posted a $215 profit.
According to an article from Canada.com,
“In November, chief executive Stan Sigman told The Associated Press that Cingular would cut about 10 per cent of its 68,000 to 70,000 jobs – primarily from administrative ranks – over 12 to 18 months starting Jan. 1. Including the most recent cuts, Cingular’s work force currently numbers 68,700, spokesman Mark Siegel said.
Ritcher said Wednesday that the cost-cutting will continue as Cingular seeks to maximize efficiency and AT&T Wireless is more fully integrated. Lower-performing storefronts may also be closed.”
Cingular cut 1,500 to 1,600 jobs in the first quarter.
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