Verizon To Cut About 15,000 Jobs (msn.com) 40
Verizon is planning to cut roughly 15,000 jobs, looking to reduce costs as it contends with increased competition for wireless service and home internet, according to WSJ, which cites people familiar with the matter. From the report: The cuts, the largest ever for the carrier, are set to take place in the next week, the people said. The majority of the reduction is expected to be made through layoffs. Verizon also plans to transition about 200 stores into franchised operations, which will shift employees off its payroll.
Verizon, the largest U.S. telecommunications provider by subscriber base, faces a fierce battle for both wireless and home internet customers. It has lost crucial postpaid phone subscribers for three consecutive quarters. Last month, Verizon named its lead independent director Daniel Schulman as its new chief executive officer. Schulman, a former CEO of PayPal and Virgin Mobile USA, has said he would aggressively reduce the company's entire cost base and take steps to reverse the customer losses.
Verizon, the largest U.S. telecommunications provider by subscriber base, faces a fierce battle for both wireless and home internet customers. It has lost crucial postpaid phone subscribers for three consecutive quarters. Last month, Verizon named its lead independent director Daniel Schulman as its new chief executive officer. Schulman, a former CEO of PayPal and Virgin Mobile USA, has said he would aggressively reduce the company's entire cost base and take steps to reverse the customer losses.
Moron exec's, they lie wrong! (Score:2)
They are supposed to say, "We eliminated workers because AI replaced their position." Then investors jump onboard instead of avoid you, as they typically do if you imply revenue shrinkage.
Verizon sales down 30% in real terms last 10 years (Score:2)
Like a lot of large companies, they are not even selling enough each year to keep up with inflation and after inflation have decreasing sales.
https://www.macrotrends.net/st... [macrotrends.net]
Verizon 2016 top line revenue (sales) - $131.8 blllion USD - 2016 dollars
Verizon 2025 top line revenue (sales) - $137.5 billion USD - 2025 dollars
Inflation 2016 to 2025 - https://www.bls.gov/data/infla... [bls.gov]
Just keeping up with inflation for top line sales revenue $131.8 billion in 2016 dollars would need to be $177.5 billion in 2025 doll
hidden underbelly (Score:2)
This may be the hidden underbelly and the hollowing out of corporations and jobs and GDP where enough large companies have 20% or more sales declines in real terms (after inflation) over a 10 year period.
It won't be a viable long term business plan for them to keep getting more financially effective by reducing costs and/or buying back stock.
The statistic to look at may be how many new large capitalization companies moved from small capitalization to large capitalization in the last 10 years excluding those
that will make things better (Score:2, Interesting)
Verizon used to be the "premium" carrier (slightly better than AT&T, far better than T-Mobile or Sprint) but it's been in last place for years now. T-Mobile used to be limited to major cities and had middling performance but now it has absolutely fantastic performance now and is arguably the best carrier. (You could make the argument that AT&T is still better.) Verizon took on tens of billions of debt to buy out Verizon Wireless from Vodafone and that absolutely crippled the company; it no longer ha
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I left Verizon for US Mobile two years or so ago.
Cut my bill by more than half and have not looked back. I don't miss Verizon in the slightest.
Re: that will make things better (Score:2)
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Companies are cutting essential staff now (Score:3, Interesting)
It took me about 4 months to sort that out during which time they lost about $400 in revenue.
The thing is they just don't seem to care. In the past there would be competition. But there just isn't any anymore anywhere. Like not too long ago my doctor would have just put me on a different drug that was easier to get and had the same effect. Those companies have been bought out and they just don't exist anymore.
It's an entirely new kind of economy. Capitalism without competition. They can keep raising prices and screwing us over and firing us and making us work longer hours for less pay and there's basically nothing we can do about it.
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And since an employee makes what, like 50 bucks a month, that company lost a whole 200 dollars because of their obviously silly decision.
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It's an entirely new kind of economy. Capitalism without competition. They can keep raising prices and screwing us over and firing us and making us work longer hours for less pay and there's basically nothing we can do about it.
After Too Big To Fail, taxpayers will be ready to do something about it when it comes to light that these greedy fucks intend on abusing their obvious losses by trying to socialize them.
The Rich won't realize they're on the menu until they're tied up over the spit. They're predictable. Not smart.
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Absolutely true. And not troll, mods.
By the way I no longer sure how meta moderation is supposed to work. It used to be quite simple but now I'm not quite sure what they want me to do.
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How many are actually losing their jobs? (Score:5, Insightful)
The article says "Verizon also plans to transition about 200 stores into franchised operations, which will shift employees off its payroll". So how many of those 15,000 are going to keep their job at the franchise Verizon store?
Re:How many are actually losing their jobs? (Score:5, Interesting)
The more pressing question: If the shops were profit centers, they wouldn't try to get rid of them..
And if they're not profit centers... Who's gonna want to get into that franchise?
Re:How many are actually losing their jobs? (Score:5, Funny)
And if they're not profit centers... Who's gonna want to get into that franchise?
Saul Goodman, of course.
Small business owner types (Score:3, Insightful)
I've got a buddy of mine that I've kind of been out of touch with just with work and such but I remember that he absolutely killed himself in a desperate bid to avoid working for somebody else. He used to run a local car audio place but couple of his employees basically poached all his customers and then a minor economic downturn finished the business off.
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We all know that you are against working period. I can't imagine you ever wanting to start any kind of business because you are way too lazy for that and constantly bitch about successful businesses anyway. In your mind, you should be provided everything you want and even more by the government. At 46YO, you haven't had a job for more than 15 years now because of your mental problems and you complain all day long here instead of getting proper treatment.
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Keep in mind when a scientist sits down and learn something or a surgeon does the same they're not working the same way you and I are. They're doing something that they find tremendously interesting and fulfilling.
The problem is the English language is shit on a shingle so we don't have a word for doing something that is simultaneously useful
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Work is salvation. Work gives meaning. Work builds and maintains.
Unless there is an integral understanding of this oresent throughout a society, a statement like "work is a necessary evil" is just... I don't know... Detrimental?
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The consumers did it to themselves (for the most part) They let the corporations raise prices, and the consumers didn't say "No" and come up with a lower cost solution. You can see this in US healthcare. It used to be that going to the doctor didn't cost a fortune like it does today. We have to many fingers in the pie here.
Corporations exist solely to make a profit. This is the flaw IMHO. They relentlessly will do anything to increase the bottom line, after all a lot of mutual funds and ETF's in 401K's and
We didn't let them do anything (Score:2)
I mean yeah we indulged in pointless moral panics and bigotry and racism so there is a little bit on us.
But frustrations about bigots aside you're blaming the victim. Especially when so many people just do not have the education and critical thinking training to see past propaganda and moral pan
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The article says "Verizon also plans to transition about 200 stores into franchised operations, which will shift employees off its payroll". So how many of those 15,000 are going to keep their job at the franchise Verizon store?
Shit-shifting a failed business model into "franchises", reeks of the ignorance of a brand-new Subway franchisee wanting to use Pedo Jared as their marketing frontman.
They should really stop pretending that we don't smell that business move from a mile away.
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Even if a store has 20 or so people that's still only 4,000 out of 15,000. I don't use Verizon I'm on T-Mobile but at any given moment there's usually only two or three people even in the bigger stores and those stores are only open during regular business hours.
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I doubt those stores have more than five or six people so that's probably not very many of the 15,000 that are getting shit canned.
I suggest you start a counseling service for people who get shit canned. You sure do have a lot of experience in handling that since at 46YO, you haven't had a job for more than 15 years now because of your mental problems and you complain all day long here instead of getting proper treatment. You could teach them critical thinking, hate for billionaires or things like that and suggest complaining on Slashdot all day long as a cure for all their problems.
They've already lost the 5G war to TMO (Score:3)
It will be interesting to see how VZ positions itself as its market share erodes. These layoffs are a very temporary band-aid to their very high SG&A costs. They still operate like an old school monopolist carrier. Consumers and businesses have more choices these days and VZ is going to have to re-learn how to earn their business.
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I wouldn't buy anything of consequence from IBM these days. They're going down the transactional "how do I amp up the dollars extracted from you by X% per year" route rather than focusing on what their customers want/need.
Re:Here's a thought.. (Score:4, Insightful)
They do not speak or understand our English. HIRE AMERICANS for America!
That story does not sound like it was a language barrier issue. We have idiots in America too. The problem is going for the lowest cost human being and giving them a script instead of training. They literally can't go off-script unless they've been around for years and have accidentally learned something.
Verizon's Profit in 2024 was $17.51 billion... (Score:2)
I can understand the need to lay off employees when a company is trying to avoid bankruptcy or something, but that's just not the case here, and it seems like it isn't the case with ANY of this recent round of high-profile, high-tech layoffs. American-style capitalism is absolutely eating it's young here, and if anyone asks me for an example to back up the assertion it's broken, this is Exhibit A. If not X, Y, or Z.
Imagine being laid off and having to explain it to your spouse as "Well, I lost my job becaus
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They are seeing an upcoming recession/depression and are removing as much risk as possible from their balance sheets and stockpiling cash in some kind of fungible form. And the stores are a huge one aside from employees. They usually don't own the buildings, which would actually be an asset - they have possibly long term leases or leases up for renewal soon that they want to stick on someone else before it is unaffordable.
They aren't the best and they aren't the cheapest. So they are going to go downhill
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Is this Biden's Economy? (Score:2)
https://www.reuters.com/busine... [reuters.com]
Almost 1.1 million layoffs this year. Is this still Biden's economy? I can't figure out how to blame him for this.