Verizon Prepares for Significant Layoff Costs in Q3

Verizon Communications Inc. announced that in the third quarter of 2024, it expects to incur substantial expenses related to severance payments amounting to up to $1.9 billion. This decision stems from a strategic business review aimed at optimizing operations and reducing costs. In recent years, Verizon has faced increasing competition in the telecommunications market, as well as shifts in consumer behavior, prompting management to take measures to improve the company’s efficiency.

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