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News > Companies
Alltel to cut 1,000 jobs
February 15, 2001: 9:50 a.m. ET

Telecom company reducing work force as part of wireless restructuring
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NEW YORK (CNNfn) - Telecommunication provider Alltel Corp. said Thursday it will cut 1,000 communications jobs, or nearly 4 percent of its work force, as part of a reorganization of its wireless business.

The Little Rock, Ark.-based company also adjusted its 2001 earnings guidance to between $2.85 and $3 per share. That's compared with the First Call analysts' consensus of $2.98 per share.

graphicThe company has 27,000 total employees, including 19,000 in the communications division, said Alltel spokesman George Smith. The job cuts will come through layoffs and early retirements, the company said.

"As we enter 2001, it is imperative that Alltel have a flexible and responsive organization that can compete aggressively," Alltel President and Chief Operating Officer Scott Ford said in a statement. "We must continue to simplify and streamline Alltel's entire organization to maintain customer and earnings growth in an increasingly competitive environment."

Alltel (AT: Research, Estimates) shares slipped 5 cents to $53.06 in early trading Thursday. The stock has traded between $47.75 to $74.87 over the past 52 weeks. graphic





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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.