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Verizon 2Q Profit Slides, Sales Stay Strong

Verizon Communications Inc. (VZ) will slash 8,000 permanent and contract jobs in the second half of this year as diminished business customer spending puts a dent in profits.

That’s the same number of positions Verizon has cut over the past 12 months.

The news came on Monday when Verizon reported its second-quarter 2009 earnings – profits slumped 22 percent from the same period a year earlier. In dollar amounts, that amounted to $1.48 billion, compared to $1.88 billion.

Sales, however, rose 11 percent to $26.86 billion, despite reduced enterprise client spending.

Consumer services saw some growth, too. The FiOS TV division added 300,000 net new customers and 303,000 net new Internet users. Average revenue per user jumped 13.7 percent, Verizon said.


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