30 July 2009

Verizon: set for further job cuts

29 07 2009 - Verizon Communications is to cut 8,000 jobs by the end of the year, as it reported a 21% decline in profits.

image The US telecoms firm made the jobs announcement as it said net profit for the April to June quarter fell to $1.48bn (£897m) from $1.88bn last year.

Total revenues at the company rose 11.3% during the quarter, but the firm saw its landline revenue drop 5.2%.

The jobs are to go at the landline unit, and come after the company shed the same number of positions last year.

Verizon ended June with 235,000 employees.

Verizon's wireless arm is the largest area of growth at Verizon Communications, seeing customer numbers rise 28% during the quarter.

However, the firm does not fully own Verizon Wireless, as the UK's Vodafone holds a 45% stake.

Source: BBC

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