Canadian telecommunications firm Telus (T) has lowered its full-year 2023 guidance, blaming the downgrade on weak spending in the technology sector.
The Vancouver-based company said it now forecasts revenue growth this year of 9.5% to 11.5%, down from a previous growth estimate of 11% to 14%.
Telus said it is seeing lower spending on wireless internet services among technology companies that have been aggressively cutting costs and laying off staff in recent months.
Telus added that, in the wake of the declining client spending, it is planning its own staff reductions, as well as adopting a growing amount of automation and burgeoning artificial intelligence (A.I.) technologies.
Telus’ stock has declined 11% in the last year to trade at $25.55 per share.
