Verizon to layoff 6,000 customer service employees

Robert Besser
30 May 2023, 02:36 GMT+10

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
An economic downturn, continuing inflation and rising interest rates have forced several US companies, including Meta and Alphabet, to lay off thousands of workers
Verizon missed its first-quarter revenue and free cash flow targets and lost 127,000 net monthly bill-paying wireless phone subscribers in the quarter

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.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sri Lanka Source.

More Information

27 ℃

Mostly Cloudy in Colombo/Bandaranaike

Business

Section

Dubai real estate market on fire, billions of dollars in transactions each week

DUBAI, UAE - The bustling real estate market in Dubai has surged to unprecedented heights, reporting transactions valued at over ...

US business optimism about China at record low: Survey

SHANGHAI, China: A survey published this week by the American Chamber of Commerce (AmCham) in Shanghai showed that political tensions ...

eVTOL maker Joby chooses Ohio for its flying taxis plant

DAYTON, Ohio: Under an agreement announced this week, Joby Aviation will produce state-of-the-art electric vertical takeoff and landing (eVTOL) aircraft ...