wall street journal Verizon is reported to be planning to cut about 15,000 jobs next week. Sources told the publication that Verizon is attempting to reduce costs as it faces more competition for wireless service and home Internet customers. At the reported scope, this would be the largest cut in history for a telecom company.
Verizon leadership hinted that a big change was coming in its third-quarter financial report last month, although many of the figures for the period were positive. The company’s net income reached $5.1 billion and most other metrics saw year-over-year increases. However, Verizon reported a significant decline in postpaid wireless customers, losing 7,000 customers in that segment compared to a gain of 18,000 in the third quarter of 2024. CEO Dan Schulman said, “We are going to take bold and fiscally responsible actions to redefine Verizon’s trajectory at this critical juncture for our company.” “These will not be incremental changes.”
according to WSJMost of the coming cuts will take the form of layoffs, but Verizon may also consider reducing the workforce by converting about 200 stores to franchise locations.