Updated from 3:38 a.m. EST

LONDON (AP) -- Shares at BT Group ( BT), 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.

CEO Ian Livingston said the job cuts, which will be made by March of next year, were a necessary part of the company's previously announced scheme to reduce costs by as much as 800 million pounds this year.

"We continue to expect BT group revenue to grow for the full year," Livingston said.

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