American company Verizon announced that it will lay off 4,800 employees, with a Q3 provision of $1.9 billion for pre-tax impairment to cover severance costs
American telecommunications operator Verizon announced plans to lay off 4,800 employees and set aside $1.9 billion in pre-tax impairment charges in the third quarter for severance payments. This round of layoffs accounts for approximately 4.5% of its full-time staff. In addition, Verizon is implementing cost-cutting measures, including closing certain offices and divesting non-strategic businesses. FactSet analysts predict that Verizon's third-quarter revenue will be around $33.7 billion, with adjusted earnings per share of approximately $1.18
US telecommunications operator Verizon announced a major move to lay off 4,800 employees by March next year. To do this, Verizon will make a pre-tax impairment of $1.9 billion in the third quarter, which is approximately 13.53 billion RMB at the current exchange rate, to pay for severance.
In a document submitted by Verizon in February this year, the company claimed to have 105,400 full-time employees at that time, with 89% working in the United States. This means that the layoffs account for approximately 4.5%.
In addition, Verizon is implementing various cost-cutting measures, such as no longer using certain offices and abandoning the "non-strategic parts" of certain businesses.
FactSet analysts predict that Verizon's revenue in the third quarter will be around $33.7 billion, with an adjusted earnings per share of about $1.18. In comparison, the revenue for Q3 2023 is projected to be $33.3 billion, with earnings per share of $1.08
