Communications posted a profit for its third quarter Wednesday, but said the continued slide of its traditional phone business is forcing it to cut 1,200 jobs, 3 percent of its workforce.
The cuts will come before the end of the year, which will leave the company with 33,500 employees, 9 percent fewer than at the end of last year. That's about the same rate at which customers are canceling their phone service to go wireless or sign up with the cable company.
The cuts will come from all levels and units of the company, Chief Operating Officer Tom Richards said.
The Denver-based phone company, the country's third-largest, earned US$151 million, or 9 cents per share, in the three months that ended Sept. 30. That was down 93 percent from $2.06 billion, or $1.08 per share, a year ago, but those 2007 results were boosted by a $2.1 billion tax benefit.
Revenue fell 2 percent to $3.38 billion.

