Verizon to cut 13,000 jobs

By Blake Ellis, contributing writer


NEW YORK (CNNMoney.com) -- After posting a fourth-quarter loss, Verizon Communications, Inc. said Tuesday it plans to cut about 13,000 jobs this year.

Verizon recorded a net loss of $653 million, or 23 cents per share, compared with a profit of $1.24 billion, or 43 cents a share, a year earlier.

The loss came after the company took a charge of $3 billion for cutting a total of 17,000 jobs last year in both its landline and wireless divisions. Analysts polled by Thomson Reuters had forecast earnings of 54 cents per share.

Total sales rose to $27.1 billion, up from $24.6 billion in the same quarter last year, but below analyst estimates of $27.3 billion. The company's fixed-line revenue plunged 3.9% to $11.5 billion from $11.9 billion last year.

Verizon (VZ, Fortune 500) CEO Ivan Seidenberg said on the company's quarterly earnings call Tuesday that it will slash about 13,000 positions in 2010. The telecom giant previously cut 13,000 jobs from its landline business in 2008 and another 13,000 again in 2009.

Verizon's total headcount at the end of 2009 was nearly 223,000, with 117,000 employees in the fixed-line business.

The layoffs will not be specific to any geographic area, said Bob Varettoni, a Verizon spokesman.

"We have reduced headcount in many ways: by reducing the number of contractors we use, by offering enhanced incentive separation packages, attrition, and other means," said Varettoni. "Any layoffs were kept to a minimum because of these measures."

Separately, Home Depot (HD, Fortune 500) also announced Tuesday that it plans to cut jobs. CEO Frank Blake said in a memo to Home Depot employees the company will eliminate 1,000 jobs nationwide.

"We are a strong company, and we are taking the necessary actions to make us even stronger as our business builds momentum," said Blake. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,886.02 81.22 0.46%
Nasdaq 4,769.48 4.10 0.09%
S&P 500 2,071.03 0.38 0.02%
Treasuries 2.18 0.00 0.09%
Data as of 12:23pm ET
Company Price Change % Change
Gilead Sciences Inc 93.53 -14.92 -13.76%
Bank of America Corp... 17.67 0.05 0.28%
Facebook Inc 81.70 1.83 2.28%
Apple Inc 113.00 1.22 1.09%
General Electric Co 25.66 0.04 0.18%
Data as of 12:08pm ET

Sections

Private equity titan CEO David Rubenstein drops some rhymes in a holiday message to investors. More

UPS and FedEx employ teams of meteorologists whose nightmare is a "big snow or ice storm at one of our hubs" during the peak holiday shipping season. More

Uber wants patent protection for the way it charges more at periods of peak demand. More

Unilever sued Hampton Creek over its egg-free mayonnaise spread Just Mayo. But the company behind Best Foods and Hellman's mayonnaise has now dropped the lawsuit. More

Retired union workers could see their pensions cut under a controversial new law, but many say they're not sure how they'll make ends meet if big cuts go through. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.