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November 14, 2009

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Nevada Bell owner cutting jobs

Tuesday, Oct. 23, 2001 | 9:33 a.m.

SAN ANTONIO -- Regional phone service provider SBC Communications Inc. will cut several thousand jobs and slash other costs in the face of the slowing economy, tougher competition and regulatory setbacks that are expected to dog the company through next year.

San Antonio-based SBC, which sells local and long-distance phone service and high-speed Internet access, declined to say exactly how many jobs would be cut. However, a source pegged the cuts at between 6,000 and 7,000 -- roughly 3 percent of SBC's work force.

SBC announced the cuts when it released third quarter results Monday, which showed net income falling 31 percent to $2.07 billion, or 61 cents per share, from $3 billion, or 88 cents per share a year earlier.

SBC owns Nevada Bell, which provides local phone service in Nevada outside of the Las Vegas area. It also has a stake in the Cingular wireless business.

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