Verizon profit falls, eyes 8,000 job cuts

Verizon Communications Inc (VZ.N) posted a lower quarterly profit and said it would cut 8,000 jobs in its wireline business, as weakness in wholesale and corporate segments overshadowed wireless growth.

Verizon, whose shares fell 1.5 percent on Monday morning, said it would accelerate cost cuts in its landline business, with new layoffs amounting to 3.4 percent of its workforce totaling 235,000 employees. They come on top of 8,000 job cuts in the last year.

"Clearly the broader economic issues are affecting the business," Chief Financial Officer John Killian told analysts on a conference call.

The company said that some of the job cuts will affect contract workers as well as internal employees. It did not break out the split.

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- Posted: 2009-07-27 11:03:58

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