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Spark making cuts but says transformation projects will return

Telco fails to adapt cost base quickly enough to off-set government and corporate market drop; profit dives 21%.

Spark CEO speaks at last year's AGM in Auckland.

Will Mace Fri, 23 Aug 2024
Key points
  • Reported revenue: down 14% to $3.86b
  • Reported profit: down 72.2% to $316m
  • Main takeaway: drop in government and corporate revenue provokes cuts at the country's largest telco.

Spark is aiming to cut labour costs and operating expenses by $50m and $30m respectively in its current financial year, but the cuts will not be isolated to teams that serve the enterprise and government segments that underperformed in FY24.

The NZX and ASX-listed telecommunications company posted

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Will Mace Fri, 23 Aug 2024
Contact the Writer: william@nbr.co.nz
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Key points
  • Reported revenue: down 14% to $3.86b
  • Reported profit: down 72.2% to $316m
  • Main takeaway: drop in government and corporate revenue provokes cuts at the country's largest telco.
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Spark making cuts but says transformation projects will return
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