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Verizon Post Loss for Q2 2010 |
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Tuesday, 27 July 2010 |
Verizon has recently announced that they company made a loss of $198 million for Q2 2010. Verizon added that they made such a huge loss for that quarter of the year, due to the fact that they opted for a buyout for 11,000 workers.
Generally, the respective news have sent Verizon’s earning per share to 7 cents lower that what market analysts have forecasted earlier. In fact, Verizon’s financial performance for Q2 2010 hovered at 52 cents per share.
On the other hand, Verizon’s revenue also slipped 0.3 percent lower, whereby they posted $28.8 billion in revenue for 2010, which is comparably a little lower that previous year’s of $28.9 billion.
Earlier, Verizon made a bid to buyout union workers in May, whereby they have offered workers a $50,000 one-time bonus per employee. On the other hand, Verizon also made promises to improve pension payouts and other benefits as well. Generally, Verizon wants to downsize their traditional phone business, whereby this market segment is seen to be shrinking over time. And according to Verizon’s records, the company ended the quarter with 210,800 employees, which is 24,500 fewer when compared to a year ago.
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