MARKETS SPECTATOR: NZ Telecom falls from the cloud

Investors in New Zealand's biggest telco haven't warmed to a $NZ130 million restructure that will slash jobs and focus on cloud communications and entertainment.

Telecom Corporation of New Zealand has announced to shareholders its plans to shift from a “traditional fixed and mobile infrastructure company to a future-oriented, competitive provider of communication, entertainment and IT services delivered over its network and the cloud”.

Back on planet earth, Telecom says a restructuring could cost as much as $NZ130 million ($108.26 million), which is, by the way, an increase from a March estimate of $NZ80 million.

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