Verizon Plans New Layoffs This Week as CEO Pushes $5B Cost Cuts
VZ is trading near its 52-week low of $38.39 (10% above the low) on light trading volume (0.3× avg).
Summary
Verizon is planning another round of layoffs this week, with an announcement expected Thursday morning. The number of affected employees is unverified, but the move follows 13,000 job cuts in November and a smaller wave in May. CEO Daniel Schulman has targeted $5 billion in operating expense savings for 2026, with a substantial portion from headcount reductions. The layoffs signal ongoing cost pressures despite recent operational improvements, including positive postpaid phone net additions in Q1. The company reports Q2 earnings on July 24, which will provide further clarity on margin progress.
At the time of this announcement, VZ was trading at $42.31 on NYSE in the Trade & Services sector, with a market capitalization of approximately $176.7B. The 52-week trading range was $38.39 to $51.68. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.