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Home > Mobile News > Verizon News > Verizon Post Loss After Employee Buyout

Verizon Post Loss After Employee Buyout


By Allen Tsai | Fri Jul 23, 2010 5:31 am

Verizon today said it swung to a second-quarter loss as the company shrunk its traditional phone business and bought out some 11,000 employees.

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The Basking Ridge, N.J.-based company gained 1.4 million wireless subscribers during April-June quarter, but trailed rival AT&T, which added 1.6 million customers, from strong sales of Apple's iPhone.

Verizon attracted 665,000 subscribers under contract, fewer than in past years, more than AT&T's 496,000 in the quarter. Contract-signing customers have been drying up for all carriers this year. Its total customer base now stands at 92.1 million, up 5 percent from a year ago.

"We showed solid improvement in operational results in the quarter," said Ivan Seidenberg, Verizon's chief executive, adding that it was helped by growth in wireless data and a recovering economy.

Verizon, which has been laying off employees in its shrinking traditional phone business, said it lost $198 million in the April-June quarter due to a buyout for 11,000 workers, each receiving a $50,000 one-time bonus.

Earlier this week, Verizon acknowledged a flaw in "a very small number" of screens on the Motorola Droid X, its new flagship phone.


Posted In: Verizon (568) | Reports (620)


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