NEW YORK (AP) \u2014 Verizon is laying off more than 13,000 employees in mass job reductions that arrive as the telecommunications giant says it must \u201creorient\u201d its entire company.<\/p>\n
The job cuts began on Thursday, per to a staff memo from Verizon CEO Dan Schulman. In the letter, which was seen by The Associated Press, Schulman said Verizon\u2019s current cost structure \u201climits\u201d the company\u2019s ability to invest \u2014 pointing particularly to customer experiences.<\/p>\n
\u201cWe must reorient our entire company around delivering for and delighting our customers,\u201d Schulman wrote. He added that the company needed to simplify its operations \u201cto address the complexity and friction that slow us down and frustrate our customers.\u201d<\/p>\n
Verizon had nearly 100,000 full-time employees as of the end of last year, according to securities filings. A spokesperson confirmed that the layoffs announced Thursday account for about 20% of the company\u2019s management workforce, which isn\u2019t unionized.<\/p>\n
Verizon has faced rising competition in both the wireless phone and home internet space \u2014 particularly from AT&T, T-Mobile and other big market players. New leadership at the company has stressed the need to right the company\u2019s direction. <\/p>\n
Schulman became CEO just last month. In the company\u2019s most recent earnings, he stated that Verizon\u2019s trajectory was at a \u201ccritical inflection point\u201d \u2014 and said, rather than incremental changes, Verizon would \u201caggressively transform\u201d its operations.<\/p>\n
For its third quarter of 2025, Verizon posted earnings of $4.95 billion and $33.82 billion in revenue. The carrier reported continued subscriber growth for its prepaid wireless services, but it lost a net 7,000 postpaid connections.<\/p>\n
News of coming layoffs at Verizon was reported last week<\/a> by The Wall Street Journal. The outlet says<\/a> that the 13,000 job cuts mark the largest-ever round of layoffs at the company.<\/p>\n Beyond the cuts across Verizon\u2019s workforce, Schulman said that the New York company would also \u201csignificantly reduce\u201d its outsourced and other outside labor expenses.<\/p>\n It\u2019s a tough time for the job market overall \u2014 and Verizon isn\u2019t the only company to announce sizeable workforce reductions recently. More and more layoffs have piled up<\/a> at companies like Amazon, UPS, Nestl\u00e9 and more. <\/p>\n