Crown Castle (CCI) has shared an update.
Crown Castle Inc. has launched a restructuring initiative aimed at boosting operational efficiency and increasing profitability, particularly within its Fiber segment. The plan involves a workforce reduction of over 10% and the closure of various offices, leading to estimated restructuring charges of around $110 million, mainly incurred in the second and third quarters of 2024. These changes, which include significant cash expenditures for severance and facility lease obligations, are expected to be mostly completed by the end of the third quarter of 2024. The company’s financials will reflect these charges under “Restructuring charges,” without any tax benefit due to the company’s REIT status.
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