https://fortune.com/2024/09/12/verizon-eliminate-5000-employees-2-billion-cost-cutting/

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Finance*Verizon

Verizon to eliminate almost 5,000 employees in nearly $2 billion
cost-cutting move

BYMolly Schuetz and Bloomberg

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Verizon logo is seen on a store in Manhattan, New York City.
The company expects to record pre-tax charges of $230 million to $380
million in the third quarter.
Photo by Beata Zawrzel/NurPhoto via Getty Images

Verizon Communications Inc. will take a pre-tax charge of as much as
$1.9 billion in the third quarter tied to 4,800 planned job cuts. 

The biggest US mobile carrier said it announced a voluntary
separation program for some US-based management positions in June.
Over half of the employees concerned will exit in September and the
rest by the end of March, according to a securities filing Thursday.

As part of other continuing restructuring initiatives, Verizon said
it plans to cease use of some real estate assets and exit
non-strategic portions of certain businesses. As a result, the
company expects to record pre-tax charges of $230 million to $380
million in the third quarter.

Verizon and its US telecommunications company peers have been
spending heavily to bulk up on fiber-optic assets while growth in
mobile subscribers slows. Last week Verizon agreed to pay $9.6
billion for Frontier Communications Parent, adding 2.2 million fiber
subscribers across 25 states. The deal, valued at $20 billion
including Frontier's net debt, was the biggest for Verizon in more
than a decade. 

The company is also exploring selling thousands of mobile-phone
towers across the country to raise cash. A sale could bring in more
than $3 billion, Bloomberg has reported.

In July, Verizon reported second-quarter operating revenue that 
missed analysts' estimates as fewer people upgraded wireless
equipment. The shares were down less than 1% to $43.46 Thursday
morning in New York. they are up 15% this year.

Correction, Sept. 12, 2024: An earlier version of this article's 
Fortune.com headline mischaracterized the nature of Verizon's job
elimination plans.

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