Verizon Swings To 4Q Loss On Layoff Charges

Verizon Communications Inc. (VZ) swung to a fourth-quarter loss as a result of charges related to job cuts, and predicted eliminating more positions as executives cast a downbeat note on the economic recovery.

While the New York telecommunications giant's wireless arm remained resilient in the face of lower consumer spending, its legacy wireline segment wasn't so fortunate. Verizon said there haven't been any indications of a pickup in spending on the business side, while the number of new FiOS customers disappointed Wall Street.

"The economy won't help us as much as we thought," said Chairman and Chief Executive Ivan Seidenberg, adding that he doesn't see a significant improvement until the end of the year. As a result, the company plans to shed another 13,000 jobs in 2010, roughly the same amount cut in each of the past two years.

Verizon shares fell 2% to $30.06.

Read Full Article from Wall Street Journal

- Posted: 2010-01-26 10:33:02

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