Verizon to Incur Up to $1.9 Billion in Q3 Costs for Layoffs and Asset Sales

Over 2,000 employees to exit this month as part of a voluntary separation program announced in June.

Verizon will record a severance charge between $1.7 billion and $1.9 billion in the third quarter due to its voluntary separation program.
Approximately 4,800 employees are set to leave Verizon by March 2025, with over half exiting in September 2024.
The company will also incur charges of $230 million to $380 million from discontinuing certain real estate assets and exiting non-strategic business segments.
Verizon missed quarterly revenue estimates in July, reporting $32.8 billion against a consensus estimate of $33.1 billion.
To boost its fiber and wireless services, Verizon agreed to acquire Frontier Communications for $20 billion in an all-cash deal.