Verizon is the latest tech company to announce cuts, expecting to lose 4,800 employees by March, with about half of those leaving in September. As recently as February, Verizon reported it had 105,400 full-time employees, so about 4.5 percent of its headcount will be cut by the end of March. It will result in a pre-tax write-off of as much as $1.9billion in severance pay during the third quarter. The biggest US mobile carrier said it announced a voluntary separation program for some US-based management positions in June. Over half of the employees concerned will exit in September and the rest by the end of March, according to a securities filing. As part of other continuing restructuring initiatives, Verizon said it plans to cease use of some real estate assets and exit non-strategic portions of certain businesses. As a result, the company expects to record pre-tax charges of $230million to $380million in the third quarter. The news is the latest in a raft of tech sector layoffs that has so far seen more than 137,000 jobs lost globally in 2024 including big names such as Microsoft, Apple, IBM, Cisco, Dell, Intel and many others. Economic conditions, including inflation and rising interest rates, are largely to blame. In June 2022, US inflation reached a 40-year peak of 9.1%, leading to increased costs for consumers and businesses. Subsequent interest rises made borrowing more expensive and slowed economic growth, leading to decreased consumer demand and lower sales. The aftermath of the COVID-19 pandemic saw tech companies aggressively expand, anticipating that demand for the tech services that resulted from WFH (work from home) would continue. They didn’t and as a result, many companies found themselves over-staffed.
Verizon is the latest tech company to announce cuts, expecting to lose 4,800 employees by March, with about half of those leaving in September.
As recently as February, Verizon reported it had 105,400 full-time employees, so about 4.5 percent of its headcount will be cut by the end of March.
It will result in a pre-tax write-off of as much as $1.9billion in severance pay during the third quarter.
The biggest US mobile carrier said it announced a voluntary separation program for some US-based management positions in June. Over half of the employees concerned will exit in September and the rest by the end of March, according to a securities filing.
As part of other continuing restructuring initiatives, Verizon said it plans to cease use of some real estate assets and exit non-strategic portions of certain businesses. As a result, the company expects to record pre-tax charges of $230million to $380million in the third quarter.
The news is the latest in a raft of tech sector layoffs that has so far seen more than 137,000 jobs lost globally in 2024 including big names such as Microsoft, Apple, IBM, Cisco, Dell, Intel and many others.
Economic conditions, including inflation and rising interest rates, are largely to blame. In June 2022, US inflation reached a 40-year peak of 9.1%, leading to increased costs for consumers and businesses.
Subsequent interest rises made borrowing more expensive and slowed economic growth, leading to decreased consumer demand and lower sales.
The aftermath of the COVID-19 pandemic saw tech companies aggressively expand, anticipating that demand for the tech services that resulted from WFH (work from home) would continue. They didn’t and as a result, many companies found themselves over-staffed.
让哈哈哈全部外包去印度去。LOL
怎么雷？
正准备说，40万，这是几加1啊？
他家前cto不是在别家公司也给人家干趴下了么。还给自己干出了一堆社会新闻 ，robinhood上看股票都能蹦出来的搞笑新闻，
什么把工作外包给印度，小意思。
这个说明美国的经济出问题了？
不还是乌泱泱的华人小孩在念CS。
还有一条，给钱特别少，超级cheap，跑路的都是能找到下家的😂😂😂
你去面试，对方能不开摄像头，然后给你一个比你现在低的offer
这也太爽了！
有惯性呀，另外牛娃没事的，各个族裔的顶尖人才什么时候都抢手的，工作算什么？
裁两个高层拿走一半，几十个中层拿走一半的一半，其他被平均了….
想多了，普通人拿几万，级别高的拿几十万几百万
refund之前，还说，那是2年之前的transaction啊，nevertheless, 印度小哥就给refund了
好像商家也没有来complaint
都是打工的，反正也不是他自己的钱