BT Group to Cut 10,000 Jobs

Updated from 3:38 a.m. EST

LONDON (AP) -- Shares at BT Group(BT Quote), Britain's largest phone company, rose 11% Thursday after the company announced it is cutting 10,000 jobs this year to boost earnings and said net profit for the second quarter rose 18% on higher sales.

The majority of job cuts will hit workers employed through outside agencies, contractors and offshore workers, and represents a 6% reduction in BT's global work force, the company said.

Net profit for the three months to Sept. 30 was 400 million pounds ($595 million), up from 339 million pounds a year earlier. Revenue for the period rose to 5.3 billion pounds from 5.1 billion pounds. ...