Tanya Dua reported that AT&T recently laid off 54 New York-based employees in its consumer marketing division. The company said that the layoffs are part of an effort to focus on growth areas and address lower demand for legacy products.
The marketing cuts come as AT&T embarks on a multi-year strategy to cut as much as $6 billion in costs under new CEO John Stankey. AT&T's marketing department was recently reorganized where the consumer marketing team that was just cut was consolidated with the corporate brand team.Amazon's record profits last quarter would've been impossible without an accounting change and a huge spending cut. That raises questions about future earnings growth.
Eugene Kim reported that Amazon saved nearly $2.6 billion in net profits last quarter by cutting its marketing spend and through a previously announced estimate change for its server costs.
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