SBC posts gain in 1st-period net, but slashes earnings projections

Article Abstract:

SBC Communications Inc. reported $1.85 billion in net income for the first quarter. Income and revenue were up from a year earlier. The firm will cut capital spending by $500 million to $12 billion, but will maintain its investment in digital-subscriber line services. 854,000 new customers were added from the Cingular Wireless venture.

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SBC has paid big penalties for service to rivals

Article Abstract:

SBC Communications Inc. has been fined a total of $69 million by the FCC since Dec. 2001 for providing substandard wholesale telephone services to competing companies. Since the breakup of the so-called 'Bell System,' many telecommunications services competitors have complained that the 'Baby Bells' have provided sluggish services and very high rates. The Federal Communications Commission plans to increase the penalties on violating companies and streamline the regulations.

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SBC plans layoffs as net tumbles 31%

Article Abstract:

San Antonio, TX-based SBC Communications Inc. has sustained a 31% falloff in third-quarter net income at $2.07 billion as compared to last year's $3 billion. Revenue is up somewhat at $13.5 billion as compared to last year's $13.4 billion. Because of the US economic slump, the company plans to layoff thousands of employees and slash capital spending by 20%. Chairman and CEO Edward Whitacre says the economic downturn for SBC is expected to last through 2002.

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