Verizon Communications Inc., the United States’ largest wireless carrier, reported yesterday that its second quarter profit fell 21% to US$1.48B or US$0.52 per share from the same period last year. Verizon’s wholesale and corporate segments were most affected, as business customers cut phone lines, overshadowing growth in its wireless segment.
After failing to keep cost cuts in line with falling revenues in its land line business, Verizon announced that it will cut another 8000 employees (or 3.4% of its workforce) by the end of the year.
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