Verizon to cut 8,000 workers

[DrDoom]

Cool more unemployed people...

Verizon Communications Inc. will eliminate 8,000 jobs by the end of the year as the company suffers from a slowdown in corporate accounts.

Verizon spokesman Phil Santoro said the company won’t disclose state-by-state breakdowns of affected workers.

The New York telecommunications giant (NYSE:VZ) announced the reductions in a conference call with investors discussing second-quarter earnings. Verizon generated $26.9 billion in operating revenue, up 11 percent year-over-year.

Verizon to cut 8,000 workers - San Francisco Business Times:

[phillyaggie]

wireline business is going the way of horse buggy.

video killed the radio star...


I know someone who works for VZ. They've been letting people go in their wirelines business for a while now, but they had been hiring people on the wireless side until now to balance out the two. Not this time. The new release said they'll be hiring new people in the wireless side only after the recession is over.

Tough tough tough times for many workers.

[Jayfar]

wireline business is going the way of horse buggy.

video killed the radio star...


I know someone who works for VZ. They've been letting people go in their wirelines business for a while now, but they had been hiring people on the wireless side until now to balance out the two. Not this time. The new release said they'll be hiring new people in the wireless side only after the recession is over.

Tough tough tough times for many workers.

Someone I spoke with last year who works in their local FIOS training center told me then that they were hiring FIOS installer (trainees) like crazy. Then again I suppose they probably have most of the head count they need for that by now.

[phillyaggie]

by wireline, i mostly meant the old home phones. That business it not only not growing but is rather shrinking. It's come to a point where some of this business is not getting divested by the majors, especially in rural areas. Some company I never heard of called Frontier Telecom is buying up those rural land lines business from Verizon.


For more details, check this out:

Verizon 2Q profit falls, tops view, plans job cuts - Yahoo! Finance

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.

"We probably will not have large-scale hiring until we're out of the recession," Strigl said in an interview.

Verizon ended the quarter with 235,000 employees, up from 229,000 a year ago, despite already cutting 8,000 jobs during the year. Contractor jobs are not included in those totals.







On the wireline side, which includes Verizon's local-phone operations, services for businesses and governments, and long-haul wholesale traffic, the operating margin declined to 4.8 percent from 8.8 percent. Verizon's costs were nearly the same as a year ago, while revenue fell 5.2 percent.

Most of that drop came from the enterprise and wholesale units, as businesses continued to pull back in the face of the recession.

Perhaps uniquely for a U.S. phone company, local consumer services are actually rising at Verizon despite massive losses of landlines as households opt for cable phone service or going wireless-only.

[caL]

At least we still have 23,000 city workers.

[ArcticSplash]

Why is Sprint still alive?

I was hoping this one would be a victim of the GR.

[phillyaggie]

Why is Sprint still alive?

I was hoping this one would be a victim of the GR.

instead they just gobbled up Virgin Mobile today.

still, rumors are that Sprint will have to merge either with T-Mobile or get bought out by someone like Comcast. It just can't stay with VZ and AT&T otherwise.