BT Group has announced plans to cut up to 55,000 jobs by the end of the decade. The company said it is aiming to reduce its total labor force, which includes contractors, from 130,000 down to between 75,000 to 90,000 by fiscal 2028 to fiscal 2030. BT also reported financial results largely in line with company targets, with revenue and adjusted EBITDA in line with its outlook. However, normalized free cash flow of £1.33 billion was at the lower end of guidance due to spending on building the Openreach fiber network. For fiscal 2024, BT is targeting revenue and EBITDA growth on a pro forma basis, and normalized free cash flow between £1 billion and £1.2 billion. BT shares dropped 8% in early trade.
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