Verizon May Cut 15,000 Jobs Next Week

The Wall Street Journal reported that Verizon plans to trim astir 15,000 jobs complete nan adjacent week. Sources told nan publication that Verizon is attempting to trim costs arsenic it faces much title for wireless work and location net customers. At nan reported scope, this would beryllium nan largest simplification successful history for nan telecom company.

Verizon activity indicated that a oversea alteration was coming successful its third-quarter financial report past month, though galore of nan figures for nan play were positive. The company's nett income reached $5.1 cardinal and astir different metrics showed year-on-year growth. However, Verizon did a marked driblet successful postpaid wireless customers, losing 7,000 customers successful that conception compared pinch a summation of 18,000 successful Q3 2024. "We are going to return bold and fiscally responsible action to redefine Verizon's trajectory astatine this captious inflection constituent for our company," CEO Dan Schulman said. "These will not beryllium incremental changes."

According to WSJ, astir of nan coming cuts will return nan shape of layoffs, but Verizon whitethorn besides look to trim worker count by turning astir 200 stores into franchise locations.