The Wall Street Journal reported that Verizon plans to cut about 15,000 jobs over the next week. Sources told the publication that Verizon is attempting to reduce costs as it faces more competition for wireless service and home internet customers. At the reported scope, this would be the largest reduction in history for the telecom company.
Verizon leadership indicated that a sea change was coming in its third-quarter financial report last month, although many of the figures for the period were positive. The company’s net income reached $5.1 billion and most other metrics showed year-on-year growth. However, Verizon did a marked drop in postpaid wireless customers, losing 7,000 customers in that segment compared with a gain of 18,000 in Q3 2024. “We are going to take bold and fiscally responsible action to redefine Verizon’s trajectory at this critical inflection point for our company,” CEO Dan Schulman said. “These will not be incremental changes.”
According to WSJ, most of the coming cuts will take the form of layoffs, but Verizon may also look to reduce employee count by turning about 200 stores into franchise locations.
