Verizon Said to Plan About 1,000 Job Cuts Through BuyoutsOlga Kharif
Verizon Communications Inc. is eliminating about 1,000 jobs through buyout offers to employees, according to a person with knowledge of the plan.
The largest U.S. wireless carrier intends to complete the job cuts by the end of the year as it consolidates some of its product teams, said the person, who asked not to be identified because the decision is private. The reduction would represent less than 1 percent of Verizon’s 178,500 employees as of Sept. 30, according to a regulatory filing.
“We are always looking for ways to make the business more efficient,” the company said in an e-mailed statement.
Verizon isn’t alone in cutting jobs. Sprint Corp. said earlier this month that it’s firing 2,000 workers to help lower its expenses, after already announcing a round of job cuts a month earlier.
Verizon last month reported third-quarter profit that missed analysts’ estimates as more subscribers took advantage of discounts on devices. In October, Verizon also joined its three main competitors in an aggressive round of cuts to mobile-plan prices.
Shares of Verizon rose less than 1 percent to $51.20 at the close in New York.
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