00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Verizon said it will cut roughly 15,000 jobs next week to reduce costs as competition intensifies
00:08in wireless and home internet markets, according to The Wall Street Journal.
00:13The carrier plans to shift about 200 stores into franchised operations, moving those employees
00:18off its payroll.
00:19Verizon lost 7,000 consumer postpaid phone connections last quarter after three straight
00:25quarters of declines, while AT&T and T-Mobile added subscribers.
00:30CEO Daniel Shulman said Verizon must streamline unprofitable legacy operations, become more
00:35efficient, and embrace ongoing cost reductions as it reaches a critical inflection point.
00:41Analysts at Morgan Stanley said improving performance in a mature telecom market will be difficult,
00:46but possible over time.
00:48For all things money, visit Benzinga.com.
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