Verizon set for further job cuts

Verizon Communications is to cut 8,000 jobs by the end of the year, as it reported a 21 per cent decline in profits.

The US telecoms firm made the jobs announcement as it said net profit for the April to June quarter fell to $1.48bn (£897m) from $1.88bn last year.

Total revenues at the company rose 11.3 per cent during the quarter, but the firm saw its landline revenue drop 5.2 per cent.

The jobs are to go at the landline unit, and come after the company shed the same number of positions last year.

Verizon ended June with 235,000 employees.

Verizon's wireless arm is the largest area of growth at Verizon Communications, seeing customer numbers rise 28 per cent during the quarter.

However, the firm does not fully own Verizon Wireless, as the UK's Vodafone holds a 45 per cent stake.

Source: BBC News, 27th July, 2009

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