Verizon Cuts 3,000 Jobs, Sells 274 Stores Ahead of Q2 Report; Launches $45 Unlimited Plan
VZ is trading near its 52-week low of $38.39 (13% above the low).
Summary
Verizon is cutting about 3,000 jobs (3.3% of workforce) and selling 274 company-owned stores to franchisees, keeping roughly 1,000 locations, as part of a ~$5B cost-cut target for 2026. This follows the initial layoff report on July 16 and adds new details: Q2 earnings are due July 24 with consensus EPS ~$1.27 on revenue ~$35.23B, and the company just launched a cheaper unlimited plan—$45/month for existing customers, $30 for switchers. The cost actions and pricing moves signal an aggressive push to protect margins and subscriber base ahead of the print. The Q2 report will show whether the operational overhaul is gaining traction after Q1's mixed results.
At the time of this announcement, VZ was trading at $43.45 on NYSE in the Trade & Services sector, with a market capitalization of approximately $182B. The 52-week trading range was $38.39 to $51.68. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.