Virgin Media O2 Cuts Jobs and Scales Back Fibre
Virgin Media O2 announces plans to cut thousands of jobs and scale back its fibre ambitions to boost profitability amid fierce competition. The telecom operator aims to save 800 million pounds by 2029 while upgrading its existing cable network.
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Virgin Media O2 will cut 30% of its wage bill and halt direct fiber expansion in the United Kingdom, targeting £800 million in savings by 2029. The telecoms operator faces mounting pressure from rival networks across the broadband market. United Kingdom's intensely competitive landscape has squeezed profit margins, forcing the company to alter its growth strategy.
