Spectrum, also known as Charter Communications, is losing customers due to cord-cutting trends, with 80,000 cable TV customers lost in the second quarter. A recent Pew Research survey shows 83% of Americans use streaming services, while only 36% subscribe to cable/satellite TV. Spectrum is planning to lay off 1,200 employees to streamline operations.

In addition to cable customer losses, Spectrum lost 117,000 internet customers in the second quarter as consumers opt for cheaper options like fixed wireless internet. Recent surveys show a shift away from cable internet providers towards 5G home internet. Charter Communications is in talks to merge with Cox Communications, potentially leading to more layoffs. Recent layoffs in the telecom industry reflect a broader trend with over 212 tech companies reducing workforces this year.

Read more at Yahoo Finance: Spectrum makes a harsh decision after major customer losses