Verizon Communications Inc. is making some changes in the company in the name of simplification. This includes making job cuts as well as reducing the company’s regional offices from 20 to six.
According to a report from Bloomberg, Verizon had informed employees that job cuts are coming to the company and that its wireless operations will be subject to some reorganization. The company, however, did not specify how many employees will be affected by the coming layoffs. At the same time, Verizon spokesman Jim Gerace has also said that the company is looking to reduce its regional offices from 20 to six. Because of this, it seems that more jobs will also be cut. However, Gerace says that people who work in sales as well as store employees will not be affected.
Recently, Verizon reported a total operating revenue of $33.2 billion during the third quarter of this year, reflecting a 5-percent increase from its total operating revenue during the same quarter last year. Moreover, the company found a new revenue stream from its Internet of Things (IoT), which delivered as much as $175 million in revenue during the third quarter and around $495 million so far this year. Meanwhile, Verizon says its service revenue also grew by 1.2 percent year over year as its phone activations on installment plans increased by as much as 58 percent during the third quarter.
During its recent earnings call, Verizon Communications Inc. Executive Vice President and Chief Financial Officer Fran Shammo has said that company is working to finalize the sale of its Wireline properties in Florida, Texas and California. It is hoped that the move will significantly cut the costs of its Wireline business. In addition, there also other properties already classified for discontinued operations.