Verizon to cut another 8,000 jobs

Verizon, the second biggest US carrier, will cut 8,000 jobs after reporting a 7% fall in net profit.

Verizon announced net income of €1.03  billion as wireline revenue fell 5.2% to €8.07  billion, with most of the fall coming from the loss of business customers.

The jobs cuts are equivalent to 3.4% of its workforce and follow a similar reduction in headcount over the past 12 months.

The latest round of 8,000 job cuts will come during the third quarter, the company said.
CFO John Killian said on an earnings call that the impact of the economic slump would be felt on the wireline business will “into the second half of the year.” He said the company would look for other areas where it can cut costs.

Verizon has lost nearly 2 million residential customers over the last year, leaving it with 17.2 million residential voice customers. It carrier added 300,000 new FiOS TV customers and 303,000 FiOS Internet customers.

For more:
- Associated Press has this article
- New York Times has this article

 

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