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Verizon's wireline business takes another hit

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Despite seeing some positive growth in its consumer broadband and wireless segment during the second quarter, Verizon has confirmed that slow demand from business users is forcing the ILEC to reduce its wireline workforce by 8,000 employees. The operator reported that second quarter net income dropped 7 percent.

To date, Verizon has laid off 8,000 employees, and it says this latest round of 8,000 job cuts will come during the third quarter. Verizon's shares fell to 95 cents, or 3 percent, to $30.55 in trading Monday.

During today's second-quarter earnings call, Chief Financial Officer John Killian said that the beleaguered economy's effect on the wireline business will "continue into the second half of the year." However, Killian added that the company will look for other areas where it can cut costs.

 For more:
- Associated Press has this article
- Light Reading has this analysis

Related stories
Rumor Mill: Verizon layoffs at end of Q1
Verizon's FiOS and business services grow amid falling earnings


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