Verizon slashes 8200 jobs with drop in net income – economic depression intensifies
Sam Adelton
Jul. 27, 2009

Verizon corporation will eliminate 8200 well paid jobs. The cuts, equivalent to 3.6 per cent of Verizon’s workforce, come on top of a similar sized reduction in headcount over the past 12 months. Verizon’s second-quarter results included a 7.1 per cent fall in net income to $3.1bn.

This just shows that the economic depression is not sparing any one. Typically in a bear market rally within a secular long term bear market, the market rallys big on a percentage basis but companies like Verizon with steady customer base keep experiencing declining profits.

The wireless division of Verizon is still expanding its base because of friend and family free calls. Verizon Wireless, one of the largest US mobile operator, signed up 1.2m new subscribers in the second quarter, bringing its total to 87 million at the end of the quarter. It reported revenues of $15 billion, up almost 35 per cent on a year earlier.

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