Posted on 01/26/2010 7:24:47 AM PST by tcrlaf
Verizon Communications Inc., the second-largest U.S. phone company, plans to cut more than 10,000 jobs at its fixed-line unit this year after posting fourth- quarter sales that missed analysts’ estimates.
The company plan to keep cuts at the same level as last year, when it reduced 13,000 positions, or about 9 percent of the unit’s workforce, Chief Financial Officer John Killian said on a conference call today. The business had about 117,000 workers at year-end.
Sales rose 9.9 percent to $27.1 billion, missing the $27.3 billion average of estimates compiled by Bloomberg. Revenue at Verizon’s fixed-line service dropped 3.9 percent, muting mobile- customer gains that beat some analysts’ projections. High unemployment hurt sales to companies and damped growth at Verizon’s FiOS Internet and TV service, said Christopher King, an analyst at Stifel Nicolaus & Co.
“The economy, first and foremost, we really see no signs of improvement there,” said Baltimore-based King, who advises investors to buy the shares and doesn’t own any. “I would have expected to see a little bit more signs of stabilization in the fourth quarter.”
(Excerpt) Read more at businessweek.com ...
Poor people,my son-in-law just got laid off today.He does heating and air-conditioning.
Too much more of Obama’s hope and change and Americans will be pilfering leftovers from bureaucrat garbage cans.
Care to elaborate? I hadn’t known they were evil.
ICBW, but I think it was so that Verizon could retain the rights of way. When I retired 10 years ago the plan was to string fiber for telephone, data and (on demand) cable TV (plus whatever interactive new stuff came down the pike). For whatever reason, eg state PSCs, the transition took too long so VZ is now going in another direction
Bush’s fault.
Never happen. Before it gets that bad, Americans will be lynching bureaucrats.................
VZ is trying to sell its landline operations here in WV to Frontier. It's before the PSC now.
Sales rose almost 10% but revenue dropped almost 4%?! There’s something seriously wrong with how these guys are doing business.
We LOVED fios, but moved to an area that only offered Comcast, so we had to go with them. First thing we noticed was how much comcast customer service had improved. Competition is a great thing. Our experience with verizon wireless customer service is so-so, but we like the coverage. It’s a good company and unless something dramatically changes, we plan to stick with them. Fios has now moved to our area, so we will have to make a cable decision come next year.
Sorry to hear that. I hope he finds something soon. My neighbor is also in that field and said it has been incredibly slow. He hasn’t even had any side jobs.
I’ve found Verizon’s customer service to be OUTSTANDING; always courteous, very helpful. The walk-in stores are so-so.
I’ve found Verizon’s customer service to be OUTSTANDING; always courteous, very helpful. The walk-in stores are so-so.
Thanks jersey117,They laid off 90 per cent of their work force today and just keep family.My daughter has 5 small children and is working full time to help out.I pray to God to help us all get through this.(((((Hugs)))))
that equals the 10000 jobs i heard wal-mart was cutting from the sams clubs....
I am sure those 10,000 people won’t care about losing their jobs, because 0bama is going to double the child care tax credit and force their employers to install retirement savings plans. It’s all good. /s
?????? I have found their customer service to be America based, very patient, and extremely helpful and knowledgable.
they wanted to charge $10 to transfer her contact info
I encountered that at a "Verizon Authorized Retailer" ... the regular Verizon Wireless store does it for free ... for both of our phones ... every time we upgrade.
I have been a Verizon Wireless customer since "Day Zero". My first wireless phone came from Bell Atlantic Mobile.
There is actually still a sizable market for land lines. Mostly in rural areas though where cell service is spotty. But to abandon the technology would be to neglect a solid consumer base.
I refuse to give mine up, and I live in a metro area. Call me a dinosaur but in the event of a national crisis or emergency, a hard line might end up being the only line.
Look up "Phone Cramming", it's when you get mysterious charges on your phone bill for services you didn't order.
Verizon and their partner ILD Teleservices are notorious for it.
Sure Verizon will claim* they will remove these charges if they happen, but good luck with that.
* Their trick is to tell you to pay your phone bill in full with the phony charges and they will credit you next month, but when next month comes of course there's no credit. Being that trying to get in touch with their customer service can take a hour or more, they are hoping you just give up and pay the bill.
I am thankfully Verizon free now. I will go back to using a rotary phone before I ever use them again.
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