American wireless carrier Verizon is set to eliminate about 1,000 jobs through buyout offers to employees.
A Bloomberg report said the largest U.S. wireless carrier is planning to complete the job cuts by the end of the year as it consolidates some of its product teams.
The proposed reduction would represent less than 1 percent of Verizon’s 178,500 employees.
With the plan to cut 1,000 jobs, Verizon will follow its smaller rival Sprint. Japanese telecom major SoftBank owned Sprint, which is struggling to significantly grow in the U.S. telecom market, said earlier this month that it’s slashing 2,000 jobs to lower its expenses, after already announcing a round of job cuts a month earlier.
Ericsson, which supplies telecom network to wireless carriers, today said it would eliminate job to save $1.2 billion.
On October 21, Verizon Chairman and CEO Lowell McAdam said the company continues to target consolidated top-line growth of 4 percent in 2014.
Verizon’s operating revenues in Q3 2014 rose 4.3 percent to $31.6 billion. New revenue streams from machine-to-machine and telematics totaled $150 million in third-quarter or more than $400 million through the first nine months of 2014, an increase of more than 40 percent year to date.
Baburajan K
editor@telecomlead.com
