"Verizon is at a critical inflection point,"
"The only way we can drive sustainable value for our shareholders is by significantly raising our game and winning responsibly in the market."
Verizon plans to cut about 15,000 jobs in the next week and convert roughly 200 company stores to franchises, moving affected employees off payroll. The majority of the workforce reduction is expected to occur through layoffs. The company reported about 99,600 full-time equivalent employees at the end of 2024 and operating revenue of $101.81 billion so far this year. Verizon lost approximately 7,000 postpaid mobile phone lines in the third quarter, marking a third consecutive quarter of postpaid subscriber declines while competitors gained subscribers. Daniel Schulman assumed the CEO role and signaled a push to reduce costs and improve competitiveness.
Read at Fortune
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