It’s gonna be bad my n - Dustin Poirier
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filing says
"In the second quarter of 2026, the net assets representing the Verizon Contributed Business were classified as assets and liabilities held for sale. In connection with this classification, in the second quarter of 2026, Verizon expects to record an estimated loss in the range of $700 million to $800 million.
We expect the transaction with BT to be accretive to Verizon Business Group EBITDA in the second quarter of 2026, as the net assets of the Verizon Contributed Business were classified as held for sale and moved from Verizon Business Group to Corporate and other.
In addition, as part of its ongoing transformation initiatives, Verizon expects the following items to impact its reported financial results for the second quarter of 2026:
• As a result of continued headcount reduction initiatives, Verizon expects to record a severance charge in the range of $350 million to $450 million.
• Verizon expects to record asset rationalization charges in the range of $200 million to $300 million predominately related to the decision to cease use of certain real estate and network assets as part of its transformation initiatives."
https://www.verizon.com/about/investors/sec-filings
@dh same friend! Same! Not sure what else I could do, I have been begging for them to let me go.
@bm Praying to "Hay Zuess" I get 🙏 the RIFF package
That’s only an estimated reduction of about 2,000 to 3,000, which is a 2% to 3.5% decrease. While it’s disappointing and maddening, it won’t make much news.
Verizon tried to bury the workforce reductions with the BT joint venture but they filed an SEC form letting everyone know that they will be workforce reductions. So that means NEW layoffs are eminent. I hope they are this week to get it over with but looks they will be 7-16. Don’t be afraid to ask your boss about this and don’t let them spin it on you. Hold them accountable to the truth.
People are funny. Verizon is literally telling us that layoffs are coming as early as tomorrow and before q2 earnings call. So 7-16 layoff date tracks and based on the numbers it will be close to 10k. Massive. Don’t stress about it, the rifs have already been decided now we just wait for the news
@a8 google search interpretation below of filing also suggest the fresh around 3k cut is already finalized and hence the 8-K reporting is more forward looking>> points to jul-16.... and then jul-24 Q2 results to explain publicly investors .. we are making progress towards 5B for 2026, here is the proof (jul-16)....
The Charge is Massive: A $350M to $450M severance charge is extraordinarily large (Current re... p. 3). For a company of Verizon's scale, this dollar amount represents thousands of impacted employees, which far exceeds the "several hundred administrative roles" reported in May.The Language is Forward-Looking: The document states Verizon "expects to record" these charges for the second quarter (Current re... p. 3). In corporate accounting, severance charges are recognized when management commits to a specific, detailed plan and can estimate the precise cost—meaning a major new reduction plan was finalized right at the end of June.
The May layoff was only around 800 people and for that if they all got 150k for the severance payout it would have been $120 million max. This next layoff is expected to hit network and retail the hardest. The vast majority of retail employees severance will likely be small due to their short tenure at Verizon.
@a8 thanks for pointing this out, the ones I know who were riffed last month were all old timers with 20+ years= maxed out salaries. I wonder if the 350-450 is looking towards the future or accounting for the ones riffed in may.
@a7 yes it’s in that section but that whole section is about losses for the quarter. They are using the upcoming layoffs and using the Q2 earnings to report the loss. The write off equals 6000 employees or so
@a7 it’s in verizon’s 8-k filed yesterday — https://www.verizon.com/about/investors/sec-filings
FAKE HYSETERIA...
This is directly from the VZ + BT joint venture of the international business - NOTHING MORE!!
Latest filing (8-K)
https://quotes.quotemedia.com/data/downloadFiling?webmasterId=104600&ref=320159541&type=HTML&formType=8-K&formDescription=Current+report+pursuant+to+Section+13+or+15%28d%29&dateFiled=2026-06-29&cik=0000732712
@a2 https://quotes.quotemedia.com/data/downloadFiling?webmasterId=104600&ref=320159541&type=HTML&formType=8-K&formDescription=Current+report+pursuant+to+Section+13+or+15%28d%29&dateFiled=2026-06-29&cik=0000732712
You sure this isn't from the May cuts and those that went off payroll in early June?
If this is somehow related to upcoming actions then it'll be a small one. The November actions drove a ~$1.8B charge...
Where did this info come from?
lol