(Reuters) – Verizon Communications Inc held a meeting with customer service employees to notify them of upcoming “restructuring” and “streamlining” measures that are all but certain to result in significant layoffs, the Verge reported on Wednesday.
More than 6,000 employees were present on Wednesday’s call, the report said, adding that the consolidation measures could end up impacting numbers far beyond that.
More details will be shared by Verizon on May 25, the report said, citing a prerecorded message that employees received.
The New York-based telecom company did not immediately respond to a Reuters request for comment.
A demand downturn on account of elevated inflation and rising interest rates has forced several U.S. companies ranging from Meta Platforms Inc to Alphabet Inc to lay off thousands of their employees.
Verizon in April had missed its first-quarter revenue and free cash flow estimates, hit by wireless subscriber losses as inflation-hit Americans delayed device upgrades and a pandemic-led growth boom fizzled out.
The carrier had lost 127,000 net monthly bill-paying wireless phone subscribers in the quarter.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Shilpi Majumdar)
Source: https://finance.yahoo.com/news/verizon-warns-customer-employees-impending-214519924.html