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Friday, Aug 30
Level 3 cutting 700 jobs, Wells Fargo analysts approve
- Level 3 Communications (LVLT +0.5%) will cut 700 jobs as it tries to trim costs and reach profitability for the first time in 15 years as a publicly traded company.
- The cuts equal 6.6% of LVLT's global workforce of 10,600.
- Wells Fargo analysts say the move is part of new CEO Jeff Storey's drive to improve efficiency; the firm says Storey has the right strategy, but it will take time to implement the changes and see benefits in LVLT's financial results.