SAN ANTONIO-SBC Communications Inc. said it will make more cuts to its workforce and further reduce capital expenditures, blaming the telecom industry’s economic strife on regulatory practices.
“Consumers now have wide-ranging choices for local service, including wireless and cable television. Mandating the repackaging and resale of network services through deep discounts that are simply pocketed by competitors not only doesn’t benefit consumers, but undermines the viability of the entire network,” said Edward Whitacre, chairman and chief executive officer. “Everyone would benefit if government simply allowed the market to work.”
SBC plans to cut 11,000 jobs, 9,000 of which will occur in the fourth quarter. It has already cut 10,000 jobs in 2002. The company expects capital expenditures for 2003 to range from $5 billion to $6 billion.
