Deutsche Telekom post losses as they lose customers

Deutsche Telekom post losses as they lose customers

Europe’s largest telecom company Deutsche Telekom AG has announced that they have posted their first loss in more than two years.

The company suffered due to massive customer defection to rival services. DT also suffered due to costs of job cuts.

They have posted a net loss of 898 million Euros ($1.2 billion) in the fourth quarter. They had posted profits of 991 million Euros a year earlier in the same period.

The sales were however up at 15.9 billion Euros. Rene Obermann, CEO of the company has already revealed that they are aiming to cut 2 billion Euros in costs.

Obermann added that they are considering acquiring companies to develop their subsidiaries including T-Mobile.