Monday, September 22, 2014
Inquirer Daily News

Verizon, FiOS losing Comcast war; will cut over 10,000 jobs: reports

"Verizon has been overspending"

Verizon, FiOS losing Comcast war; will cut over 10,000 jobs: reports

The Department of Justice has imposed major concessions upon Live Nation and Ticketmaster Monday, Jan. 25, 2010, in approving the companies´ merger.(AP Photo/Paul Sakuma, file)
The Department of Justice has imposed major concessions upon Live Nation and Ticketmaster Monday, Jan. 25, 2010, in approving the companies' merger.(AP Photo/Paul Sakuma, file)

Verizon plans to keep cutting jobs, company officials told investors in a conference call after posting disappointing q4 sales and earnings. Bloomberg story here.

UPDATE: Re jobs: "We said we saw job reductions of 13,000 in 2008 and 13,000 in 2009 in our traditional landline business, and we anticipate a similar number of job reductions in 2010," Verizon spokesman Bob Varettoni told me. "These are across-the-board, not specific to any geographic area, and related to our traditional landline business.  There were approximately 117,000 employees in our Wireline business segment as of the end of 2009," and another 106,000 in Verizon Wireless and other units.

EARLIER: Verizon's FiOS video service had its worst quarter since early 2007, adding just 153,000 customers, noted Deutsche Bank analyst Doug Michelson in a report to clients. "Verizon has been overspending to acquire FiOS customers," Michelson wrote. Verizon is charging phone-video-Internet customers $140/month, which "demonstrates the lack fo a price war.... Cable continues to gain share due to faster speeds than DSL."

He adds, "We believe the slowdown in FiOS video net adds is a positive for Pay TV stocks, as it demonstrates competition fears were overdone."

Verizon still shows healthy wireless (mobile phone) gains, noted Craig Moffett at Bernstein Research. But trends in Verizon's wire-based businesses "are only getting worse."



 

 

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
Business Videos:
Also on Philly.com:
Stay Connected