AT&T plans to cut 12,000 jobs, or 4 percent of its workforce, to compensate for its lost revenue. Job cuts are expected to occur in December and throughout 2009.
According to the Associated Press, AT&T says the layoffs will be “across the company and across the country.”
This is the second group of layoffs this year. In April, AT&T cut 4,600 jobs, most of which were in management.
Its shares fell 2.5 percent to $28.36 on Thursday.