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AT&T will look to cut tens of billions of dollars in costs over the next few years, including job cuts in the near term, AT&T president John Stankey said at a Morgan Stanley conference this week.

Why it matters: Critics were quick to point out that AT&T's cost-cutting plans come despite previous promises to increase investment and create jobs as part of the case for corporate tax cuts and the easing of net neutrality rules.

Driving the news: Speaking at the Morgan Stanley Technology, Media & Telecom Conference on Tuesday, Stankey said that the company has been focused on "10 broad initiatives that we believe can generate double digits of billions over a three-year planning cycle."

  • The efforts are roughly evenly split into those taking place over the next 12 months, those that will take one to two years, and those that will take more than two years.
  • Headcount reduction is part of the first year's cost-cutting efforts, Stankey said, with opportunities in call centers and other areas.
  • The company plans to focus DirecTV on areas with few broadband options, with its recently launched AT&T TV as the focus for live TV customers elsewhere.

What they're saying: An AT&T spokesman noted that the company invested more than any other company in the U.S. between 2014 and 2019, including 20% more in capital expenditures than Verizon.

  • As for the tax cut pledge, a representative said, "When tax reform was enacted in late 2017 we announced our intent to invest an additional $1 billion in the U.S. in 2018, and we met that commitment."

Yes, but: AT&T plans to spend in the "$20 billion range" on capital expenses this year, down from $23.7 billion last year and $23.2 billion in 2018.

Go deeper: AT&T launches live TV service aimed at taking on cable

Go deeper

Scoop: Facebook establishing a venture arm to invest in startups

Illustration: Aïda Amer/Axios

Facebook has been hiring seasoned tech investors to help lead a new "multimillion dollar" investment fund within its experimental apps team, Axios has learned.

Why it matters: Starting a formal investing program aimed at startups could bolster the company's ability to spot the next big social app before it becomes big. That visibility is all the more important given that antitrust scrutiny has likely closed the door on large acquisitions by Facebook for the near future.

Corporations pledge over $450 million in donations for social justice

Illustration: Aïda Amer/Axios

The coronavirus pandemic had already prompted an increase in charitable donations before the current national reckoning over systemic racism kicked that number up even further.

By the numbers: An FT analysis has found more than $450 million in corporate pledges made to groups focused on social and racial justice — and that's before the increase in disbursements from the Ford Foundation, the MacArthur Foundation and others.

Jun 12, 2020 - Health

Moderna reveals the limits of making a coronavirus vaccine

Illustration: Sarah Grillo/Axios

Moderna said Thursday that starting in 2021, it could manufacture "possibly up to 1 billion doses per year" of its experimental coronavirus vaccine with the help of a contract manufacturer.

Yes, but: 1 billion vaccine doses may sound like a lot, but government and public health leaders would inevitably still have to make hard choices about who should get the vaccine first.