Published July 28, 2009, 08:20 AM
Verizon profit falls, plans job cuts
Cost-cutting at Verizon Communications Inc.’s wireline business failed to keep pace with falling revenues as the nation’s largest wireless carrier reported a 21 percent drop in second-quarter profit and announced further job cuts.
NEW YORK (AP) — Cost-cutting at Verizon Communications Inc.’s wireline business failed to keep pace with falling revenues as the nation’s largest wireless carrier reported a 21 percent drop in second-quarter profit and announced further job cuts.
The company said Monday it will cut more than 8,000 employee and contractor jobs before the end of the year in the wireline business, speeding up its efforts to keep costs in line, according to chief financial officer John Killian.
In recent years, Verizon has balanced layoffs in wireline with hiring in wireless, but Chief Operating Officer Denny Strigl said that would not be the case this time.
Tags: us business, business, verizon
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