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Nokia plans more cost-cutting as Q2 sales slide 11%

2016-08-04 08:30:00| Telecompaper Headlines

(Telecompaper) Nokia has again raised its target for cost reductions, after reporting a further slowdown in the mobile broadband market in Q2. Pro forma revenues, adjusted for the takeover of Alcatel-Lucent, fell 11 percent year-on-year to EUR 5.676 billion, and the company's adjusted operating profit was down 49 percent to EUR 332 million. Nokia said it now aims to operating costs by EUR 1.2 billion by 2018, up from an earlier target of over EUR 900 million compared to 2015.

Tags: sales plans nokia slide

RBS bank sheds another 900 jobs in cost-cutting drive

2016-06-21 21:43:54| BBC News | Business | UK Edition

Royal Bank of Scotland to cut another 900 more jobs as part of plans to reduce costs by 800m this year.

Tags: jobs drive bank sheds

Shell cost-cutting drive to continue

2016-06-07 12:41:16| BBC News | Business | UK Edition

Royal Dutch Shell plans more asset sales and cost-cutting over the next few years as the energy giant adjusts to prolonged low oil and gas prices.

Tags: continue drive shell costcutting

Telecom Italia sales down 12%, triples cost-cutting target

2016-05-16 08:19:00| Telecompaper Headlines

(Telecompaper) Telecom Italia reported a 12.1 percent year-on-year fall in first-quarter revenues to EUR 5.05 billion in organic terms, hurt by the continuing effects of the macroeconomic situation in Brazil and one-off charges. Domestic revenues came in at EUR 3.54 billion on an organic basis, down 2.3 percent year-on-year but identical to the previous quarterly decline, while sales at its Brazil unit TIM Brasil plunged 15.3 percent on an organic basis to EUR 897 million, impacted by the ongoing recession and provisions for customers' unpaid accounts. Group EBITDA fell 15.8 percent to EUR 1.71 billion, with the EBITDA margin dropping to 36.8 percent compared to 40.2 percent in the year-earlier quarter. In the accompanying statement, the company's new CEO Flavio Cattaneo said he was determined to improve profitability at Telecom Italia, announcing that the target for cost-cutting measures would be tripled to EUR 1.6 billion by 2018, including EUR 800 million in operating costs and EUR 800 million in capital spending.

Tags: sales target italia telecom