Telstra has announced it will record $500 million in impairments in its FY19 results as it writes off its legacy IT assets, and increased its forecast annual restructuring costs due to expedited job cuts.
Telstra CEO Andy Penn.Credit:Peter Rae
Like other legacy telecom firms around the world, Telstra is finding it hard to battle cutthroat competition and new technology that has crushed its mainstay fixed-line businesses.
In a push to cut costs, the telco last year said it would shed 8,000 jobs from a workforce of 32,000.
About 6,000 of those cuts are likely to happen by the end of the financial year, it said today in a statement.
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