Robert Besser
30 May 2023, 02:36 GMT+10
NEW YORK CITY, New York: The Verge has reported that Verizon Communications met with more than 6,000 customer service employees to notify them of upcoming "restructuring" and "streamlining," which will result in significant firings.
The consolidation measures could end up impacting numbers far beyond the 6,000 present in the meeting, the report added, noting that more details will be shared by New York-based Verizon later in the month.
An economic downturn, continuing inflation and rising interest rates have forced several US companies, including Meta and Alphabet, to lay off thousands of workers.
Due to wireless subscriber losses caused by inflation, which forced Americans to delay device upgrades, as well as the end of post-COVID-19 pandemic growth, Verizon missed its first-quarter revenue and free cash flow targets.
Additionally, Verizon lost 127,000 net monthly bill-paying wireless phone subscribers in the quarter.
Get a daily dose of Cincinnati Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cincinnati Sun.
More InformationMORGANTOWN, Pennsylvania: Pennsylvania state police said that nine teenage boys who escaped from the Abraxas Academy detention center this week ...
ANCHORAGE, Alaska: Anchorage is struggling to find housing options for more than 3,000 homeless residents, as the city's mass shelter ...
SEOUL, South Korea: Thousands of South Korean educators and school staff gathered in Seoul over the weekend to demand increased ...
WARSAW, Poland: As part of European Union (EU) sanctions imposed against Russia over its invasion of Ukraine, Poland banned all ...
MONTGOMERY, Alabama: Last week, Alabama's school chief, Superintendent Eric Mackey, said that under new reading benchmarks to move to fourth ...
WASHINGTON D.C.: Last week, the Federal Reserve said its losses surpassed the US$100 billion mark and will likely continue to ...
DAYTON, Ohio: Under an agreement announced this week, Joby Aviation will produce state-of-the-art electric vertical takeoff and landing (eVTOL) aircraft ...
NEW YORK, New York - U.S. stocks and bonds caught on to a global trend Thursday as sellers took charge ...
CHICAGO, Illinois: The Chicago Symphony Orchestra (CSO) and the Chicago Federation of Musicians announced over the weekend that they agreed ...
ANKARA, Turkey: During a meeting, Michael Evans, President of the Alibaba Group, told Turkish President Tayyip Erdogan that the Chinese ...
NEW YORK: This week, the Wall Street Journal (WSJ) reported that U.S. electric vehicle (EV) maker Tesla and Saudi Arabia ...
NEW YORK, New York - Interest rates could stay higher for longer, but there is the possibility of rate cuts ...