Verizon posts a $653 million loss
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
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I thought that was supposed to SAVE money :P