Verizon Braces for Historic Job Cuts Amidst Intensifying Competition
In a move that could reverberate throughout the telecommunications industry, Verizon is reportedly set to slash approximately 15,000 jobs over the next week. According to sources cited by The Wall Street Journal, the cuts are part of a broader effort to trim costs as the company grapples with growing competition for wireless service and home internet customers.
Despite a mixed Q3 financial report, Verizon's leadership has signaled a willingness to undergo significant changes. The company's net income reached $5.1 billion in the third quarter, while most other metrics posted year-over-year growth. However, the telecom giant's postpaid wireless customer base declined by 7,000, a marked contrast to the 18,000 new customers gained during the same period last year.
CEO Dan Schulman has stated that the impending layoffs will be "bold and fiscally responsible" measures aimed at transforming Verizon's trajectory. While most of the planned cuts will take the form of layoffs, the company is also exploring ways to reduce its employee count by transitioning around 200 stores into franchise locations. The extent of these changes remains to be seen, but one thing is clear: Verizon is facing a critical inflection point that necessitates drastic action.
In a move that could reverberate throughout the telecommunications industry, Verizon is reportedly set to slash approximately 15,000 jobs over the next week. According to sources cited by The Wall Street Journal, the cuts are part of a broader effort to trim costs as the company grapples with growing competition for wireless service and home internet customers.
Despite a mixed Q3 financial report, Verizon's leadership has signaled a willingness to undergo significant changes. The company's net income reached $5.1 billion in the third quarter, while most other metrics posted year-over-year growth. However, the telecom giant's postpaid wireless customer base declined by 7,000, a marked contrast to the 18,000 new customers gained during the same period last year.
CEO Dan Schulman has stated that the impending layoffs will be "bold and fiscally responsible" measures aimed at transforming Verizon's trajectory. While most of the planned cuts will take the form of layoffs, the company is also exploring ways to reduce its employee count by transitioning around 200 stores into franchise locations. The extent of these changes remains to be seen, but one thing is clear: Verizon is facing a critical inflection point that necessitates drastic action.
. I mean, who doesn't love seeing their friends and colleagues get the boot? It's like the ultimate productivity boost 
. And hey, at least Verizon is being "bold" about it... aka making some big changes without really explaining what those changes are 
. I'm sure it'll all work out in the end 
.
... 15k people losing their jobs is a big deal, especially during the holiday season when ppl need stability in their lives. i get that the telecom industry is competitive, but can't they find ways to reduce costs without hurting so many employees? 
also, transitioning stores into franchise locations sounds like a good idea, hope it works out for them 
. It doesn't sound like they're gonna be able to replace those employees anytime soon, and it's gonna take a toll on their families too 
.
I'm all for change, but you gotta think about the human impact of these decisions, right?
. Like, I get it, companies gotta adapt and stay competitive, right? But 15,000 jobs? That's a huge number 
.
? It's just not right. I know Verizon is trying to change its trajectory and all that, but can't they find ways to make money without hurting so many innocent people? 
i just switched to oat milk and it's literally changed my morning routine no more worrying about cow milk lols anyway back to verizon... idk man 15k jobs are a big deal what's going on with the future of work tho is this gonna lead to more remote jobs or will companies start paying us in avocado toast 
. 15,000 people losing their jobs is no joke 
. Hope they're able to find new opportunities soon 
.
! Nowadays, you gotta stay on top of your game or get left behind. Verizon's just tryin' to adapt, I reckon. But still, 15k people losin' their jobs? That's a lot 
. I mean, 15,000 jobs might sound like a lot, but it's just a tiny fraction of the company's overall workforce... and if it means they can turn things around and bring back some profits, then I'm kinda cool with it 
... I guess that's why they say "it's a tough job market" 
.