Verizon to Lay Off 4800 Employees by March Next Year, Implements Cost Reduction Measures

TapTechNews September 13th news, the American telecommunications operator Verizon announced that it will take major measures to lay off 4,800 employees by March next year. For this reason, Verizon will record a pre-tax impairment of 1.9 billion US dollars (TapTechNews note: currently about 13.53 billion Chinese yuan) in the third quarter to pay for severance pay.

In a document submitted by Verizon in February this year, it claimed that the company had 105,400 full-time employees (89% of whom work in the United States) as of then, which means that the proportion of this round of layoffs is about 4.5%.

In addition, Verizon is also implementing various cost reduction and efficiency improvement measures, such as no longer using certain offices and giving up the non-strategic parts of certain businesses.

FactSet analysts predict that Verizon's third-quarter revenue will be about 337 billion US dollars, and the adjusted earnings per share will be about 1.18 US dollars. In contrast, the revenue in the third quarter of 2023 was 333 billion US dollars, and the earnings per share was 1.08 US dollars.