Verizon to Cut 8,000 More Jobs
July 27, 2009 by Stephen Kersey
Filed under Business
In 2009, Verizon has cut 8,000 jobs. On Monday, Verizon announced that another 8,000 job cuts before the beginning of 2010. The elimination of employees was apparently a reaction to a dip in second quarter profits.
Last year, Verizon had a second quarter profit of about $1.9 billion. The 2009 second quarter brought upon a profit of about $1.5 billion — or a drop of about $400 million.
The good news for Verizon is that revenue was up. This year’s second quarter revenue was $26.9 billion. In 2008, that number was $24.1 billion.
Despite the good revenue news, investors weren’t too thrilled as Verizon’s stock fell more than 1.5% on Monday.
Prior to the latest rounds of job cuts, Verizon has approximately 235,000 employees.
Verizon was founded in 1983 as Bell Atlantic. It’s currently one of the largest telecommunication companies in the United States and offers television, internet, telephone and wireless services. Currently, Verizon has almost 90 million subscribers.
Verizon (Image: Flickr)
