Source: https//www.sdxcentral.com
Verizon CEO Dan Schulman - Verizon
…And if you can’t “imagine,” Verizon CFO Tony Skiadas provided more clarity.
“Noncore areas that are not aligned to growth, including legacy areas, are being significantly reduced and/or eliminated, and that includes areas such as business wireline, nondirectional products, technology as well, wholesale, legacy copper, and voice platforms, and even projects with too long of a payback,” Skiadas explained.
Verizon’s management noted that it will instead invest in its mobile and broadband offerings.
Job cuts continue
Verizon is also continuing to work through its extensive job cuts, which will quickly see the carrier slash 13,000 total jobs in short order.
Skiadas noted that Verizon slashed just over 10,000 jobs by the end of 2025, which pushed the carrier’s total employee base down to just under 90,000 total employees. Verizon plans to finish the latest culling by the end of March.
Those cuts were made official in November, with Verizon noting in a Securities and Exchange Commission (SEC) filing that it would take a severance charge of up to $1.8 billion during the current fourth quarter tied to the cuts. Verizon’s filing also noted that the carrier “expects that its cost reduction efforts will include a significant reduction in outsourced, contracted, and other outside labor expense.”
The job cuts were initiated by Schulman shortly after he assumed leadership last October.