Verizon to cut 8,000 workers
http://seattle.bizjournals.com/seatt...7&ana=e_du_pub
This has been in the works with their recent quiet release about selling/offloading areas of their FiOS build out to lower tier vendors to make work and those who follow dslreports.com know all about it.
Quote:
Verizon to cut 8,000 workers
Puget Sound Business Journal (Seattle) - by Boston Business Journal
Verizon Communications Inc. disclosed Monday it would lay off 8,000 more employees and contractors by the end of the year as the company continues to be stung by a slowdown in corporate accounts.
New York-based Verizon (NYSE: VZ) employs more than 2,000 people in Washington and Oregon. So far, 12 Verizon workers in those two states are being laid off, said spokesman Kevin Laverty. He said he did not know where those workers are located, or whether there would be further layoffs in the region.
Verizon Wireless, a joint venture of Verizon and Vodafone (NYSE: VOD) which employs roughly 1,400 in Bellevue, is not affected by the job cuts, said Verizon Wireless spokesman Scott Charlston.
Verizon Communications announced the reductions in a conference call with investors about second quarter earnings. Verizon generated $26.9 billion in operating revenue for the quarter, up 11 percent year-over-year. That figure included the acquisition of regional wireless carrier Alltel. Verizon posted earnings per share of 52 cents, down from 66 cents a year ago.
?Although we are taking steps to mitigate the negative impacts of the economy in the short-term, we also need to more significantly reduce the wireline cost structure over the next 12 to 18 months,? said Chief Financial Officer John Killian in the call.
The company had already slashed 8,000 jobs in the last year, and will continue to cut costs in network integration, travel and real estate.
Verizon to cut 8,000 workers
Puget Sound Business Journal (Seattle) - by Boston Business Journal
Verizon Communications Inc. disclosed Monday it would lay off 8,000 more employees and contractors by the end of the year as the company continues to be stung by a slowdown in corporate accounts.
New York-based Verizon (NYSE: VZ) employs more than 2,000 people in Washington and Oregon. So far, 12 Verizon workers in those two states are being laid off, said spokesman Kevin Laverty. He said he did not know where those workers are located, or whether there would be further layoffs in the region.
Verizon Wireless, a joint venture of Verizon and Vodafone (NYSE: VOD) which employs roughly 1,400 in Bellevue, is not affected by the job cuts, said Verizon Wireless spokesman Scott Charlston.
Verizon Communications announced the reductions in a conference call with investors about second quarter earnings. Verizon generated $26.9 billion in operating revenue for the quarter, up 11 percent year-over-year. That figure included the acquisition of regional wireless carrier Alltel. Verizon posted earnings per share of 52 cents, down from 66 cents a year ago.
?Although we are taking steps to mitigate the negative impacts of the economy in the short-term, we also need to more significantly reduce the wireline cost structure over the next 12 to 18 months,? said Chief Financial Officer John Killian in the call.
The company had already slashed 8,000 jobs in the last year, and will continue to cut costs in network integration, travel and real estate.
This has been in the works with their recent quiet release about selling/offloading areas of their FiOS build out to lower tier vendors to make work and those who follow dslreports.com know all about it.
Comments
http://seattle.bizjournals.com/seatt...7&ana=e_du_pub
This has been in the works with their recent quiet release about selling/offloading areas of their FiOS build out to lower tier vendors to make work and those who follow dslreports.com know all about it.
This is bad news. It clearly shows that without Apple products, companies are going to suffer. Look at Apple. It's stocks are continously rising. Marketshare and mindshare too. ATnT are making profits in this downturn. It clearly shows one thing adn we all know it.