Report: Verizon Laying Off Almost 5,000 Employees

Verizon is reportedly letting close to 5,000 employees go, which will lead to a pre-tax write-off of as much as $1.9 billion in severance pay for the third quarter of 2024. 

As reported by PhoneArena, this decision will lead to a 4.5% reduction of its full-time workers, which supposedly reached 105,400 employees in February. The company also has other cost saving initiatives as some offices will no longer be used. The report shared that Verizon will have pre-tax charges amounting between $230 and $380 million. 

Still, Verizon hopes to purchase Frontier Communications in an all-cash deal that will cost $20 billion. This acquisition hopes to expand Verizon’s fios fiber internet service to 22 new states. 

Source: PhoneArena