Verizon posts a $653 million loss

News
By Phil Nickinson
last updated

While Verizon can boast the most retail customers of any U.S. carrier, they reported a $653 million loss for last years fourth quarter. With the announcement of the losses, Verizon also announce it plans to reduce it's work force by 13,000 employees during the course of the year.

Verizon did report a boost in their customer base by 2.2 million wireless subscribers but overall wireless revenue dipped 3.9% earning only $11.5 billion (that's with a B) during the quarter. Verizon did see an 31% increase in revenue generated by wireless data services.

The losses have been attributed to a decline in the land-lined customer base and the costs associated with employee lay-offs.

New York Times via BGR

Phil Nickinson
Phil Nickinson

Phil is the father of two beautiful girls and is the Dad behind Modern Dad. Before that he spent seven years at the helm of Android Central. Before that he spent a decade in a newsroom of a two-time Pulitzer Prize-finalist newspaper. Before that — well, we don't talk much about those days. Subscribe to the Modern Dad newsletter!