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.