CEO: ‘We're facing more significant headwinds than we'd thought we'd face’
NEW YORK - Verizon Communications said it is facing a slower-than-expected economic recovery and plans to cut 6 percent of its workforce, adding that it forecasts only a modest rebound in late 2010.
After reporting fourth-quarter results that were in line with Wall Street's expectations, Verizon said weak corporate spending hurt its traditional fixed-line business, offsetting subscriber growth at Verizon Wireless. Shares fell 2 percent.
The phone company forecast 13,000 job cuts at its fixed-line business this year, or 6 percent of Verizon's total workforce. It cut 17,000 jobs in 2009, ending the year with 223,000 workers. Severance charges had pushed Verizon into the red in the fourth quarter.
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10 comments:
On a completely unrelated subject-
Have you been to Weenies lately- after the change of owner? I've been there twice and been severely dissapointed both times. Either the switched to a cheaper dog or they're boiling the heck out of them, because they're tasteless. They're skimping on the fixins, and both times they got my order wrong! I have no immediate plans to return there again. Maybe a follow up story is in order. Hopefully they'll fix things. The old owner heard from this blog that his buns were too big, and he made an adjustment. Maybe this guy need some feedback from customers too. Jest an idea for you!
This company has ripped off so many people. Every time you change a specific item on your services, they reset everything you have and you get a huge bill that you have to call and complain about.
They do it in hopes that noone looks into it and just pays the bill.
There is life after Verizon for most people unless you've made it your life and you're afraid to leave. And if you've done that - you're screwed in more ways that one.
All Verizon cares about is the bottom line - not you - if you aren't a target - you will be - there is always cheaper, younger labor to be had.
We should all pray that these employees are made to understand the duress that the Unemployment Office workers are under, having to work mandatory overtime (I guess at a higher pay rate), and focus on the positive. They will receive a whopping 72 weeks of benefits (uh, it's less than they currently get paid). AND they will get a increase in their child and senior car tax deduction. It is sad that the food that they will be able to afford is now a cheaper hot dog.
Of course, the opportunity may arise where you do something that the Administration objects to that results in a personal invitation to the Whitehouse. It may not be $100 steak but I bet that free glass of beer is cold.
Keep the chin up!
Don't they mean to say they are "outsourcing more jobs"?
Call Verizon and you get someone who is likely in India!
I LOVE My iPhone and AT&T, I guess there is an "App" for that, LMAO!
So freakin funny I was a verizon customer for years and was screwed. Now they attack AT&T cause they cant get the iPhone...
Too, freaking funny....
I cant see the union allowing fixed line employees to be cut without significant financial rewards,but wireless employees are screwed,they arent organized.Now its going to take even longer to reach someone when you call Verizon.
The iphone sucks. Its OK as a PDA device but the phone features sound quality is crap. And AT&T's coverage is sketchy at best. I have Verizon and the coverage is good but be prepared to get ripped off......every month.
Dont worry everyone, service can't get worse.
Right?
What's everyone crying about?
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