Verizon Communications Inc., the second-largest U.S. phone company, is getting ready to cut 13,000 jobs against a $653 million net loss in the fourth quarter of 2009. In 2009, Verizon chopped 13,000 positions, ending the year with 117,000 employees.
Bloomberg: The cuts will follow reductions of a similar size last year, Chief Financial Officer John Killian said on a conference call today. This year’s eliminations equal to 11 percent of the staff at the unit, which had about 117,000 workers at year-end.
Sales rose 9.9 percent to $27.1 billion, missing the $27.3 billion average of estimates compiled by Bloomberg. Fixed-line revenue fell 3.9 percent, muting mobile-customer gains that beat some analysts’ projections. High unemployment hurt sales to companies and damped growth at Verizon’s FiOS Internet and TV service, said Stifel Nicolaus & Co. analyst Christopher King.
