Telia to cut 3,000 jobs to save SEK 2.6 bn

Telia Company has revealed its plans to cut 3,000 jobs during 2024 targeting annual savings of at least SEK 2.6 billion.

Telia network offers

The program is expected to result in restructuring charges of approximately SEK 1.4 billion in H2 2024, with expected annual savings of at least SEK 2.6 billion.

The estimated restructuring charges are not expected to impact Telia’s financial outlook statements for 2024 on service revenue growth, adjusted EBITDA growth, Capex excluding fees for licenses, spectrum and right of use assets, and the structural part of operational free cash flow.

Telia will slash jobs by 1,400 in Sweden, 635 in Finland, 245 in Norway, 400 in Lithuania, 160 in Estonia and 160 in other areas.

Telia had approximately 18,000 employees and 1,370 resource consultants at the end of December 31, 2023. Year-to-date, Telia has reduced its headcount by 455 positions, and aims to make the remaining reductions by December 1, 2024.

Telia aims to maximize the value of its network infrastructure and service offerings to sustain growth, increase efficiency and profitability. Telia plans to streamline and reshape its organizational structure to equip its country units with additional capabilities transferred from the current Common Products & Services (CPS) and Group Strategy & Commercial (GSC) organizations.

Patrik Hofbauer, Telia Company President and CEO, says: “This intended approach will not only result in a Telia that is simpler and faster in decision-making and commercial execution, but also help us to grow our business and generate enough cash so that we can make necessary investments.”

Baburajan Kizhakedath

Latest

More like this
Related

4G signal booster: Boost your connection & increase Internet speed

The demand for high-speed and reliable internet connections remains...

Vodafone Idea CTO Jagbir Singh on network expansion

Jagbir Singh, CTO of Vodafone Idea, says the telecom...

Zain Capex, subscriber growth and data revenue in 2024

Telecom operator Zain Group has reported revenue of $6.4...

Singtel reveals Capex strategy focusing on AI and 5G

Singtel has outlined a capital expenditure (Capex) strategy of...