Telus is reviewing guidance for 2023, citing cost-cutting in the technology sector
VANCOUVER – Telus Corp. has revised its annual outlook for 2023 downwards, citing demand pressures as the tech sector tries to cut costs.
The Vancouver-based company says it has revised its guidance as a result of Telus International’s updated full-year outlook.
As a result, Telus says it is targeting consolidated revenue growth of 9.5 to 11.5 percent, down from 11 to 14 percent.
Telus, the controlling shareholder of Telus International, says the spun-off company’s lower revenue expectation is due to anticipated demand challenges from certain customers in its technology business.
Darren Entwistle, Chairman of the Board of Telus International, says the company has faced unprecedented and severe global pressure, particularly within technology, as customers aggressively address cost structures, including through successive layoffs.
Entwistle, who is also president and CEO of Telus, says Telus International is focusing on its own cost structure in response, including reducing its own workforce and deploying automation and artificial intelligence.
This report from The Canadian Press was first published on July 13, 2023.
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