Verizon Communications Inc. will eliminate 8,000 jobs by the end of the year as the company suffers from a slowdown in corporate accounts.
Verizon spokesman Phil Santoro said the company won’t disclose state-by-state breakdowns of affected workers.
The New York telecommunications giant (NYSE:VZ) announced the reductions in a conference call with investors discussing second-quarter earnings. Verizon generated $26.9 billion in operating revenue, up 11 percent year-over-year.
That figure included the acquisition of regional wireless carrier Alltel. It posted earnings per diluted share of 52 cents, down from 66 cents a year ago.
“Although we are taking steps to mitigate the negative impacts of the economy in the short-term, we also need to more significantly reduce the wireline cost structure over the next 12 to 18 months,” said Chief Financial Officer John Killian.
The company had already slashed 8,000 jobs in the last year, and will continue to cut costs in network integration, travel and real estate.
Verizon has a work force of more than 235,000.
