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Verizon joins T-Mobile in layoffs as wireless gamers feel the pressure

Verizon has followed rival T-Mobile in firing staff, topwatchbest learned. The wireless operator has not disclosed the exact number of employees it is restricting, but has confirmed that the move has taken place.

“Throughout the year, our company adjusts our employment depending on the company’s needs,” a spokeswoman for the company said in a statement. “Sometimes we were able to increase employment in one area while reducing the number of employees in others. The last revision affected a small number of employees, but at the moment we don’t have specific details to share with you. ”

The layoffs come almost two weeks after the country’s largest carrier announced that … 215,000 consumer phone accounts lost in the quarter ending June 30. Even for the benefit of business customers, the total net profit of 12,000 subscribers paled compared to the competition. T-Mobile which acquiring 723,000 post-paid mobile subscribersconfirmed its own layoffs with topwatchbest last month.

T-Mobile said that “the most affected workers were offered different roles” and added that “a small number of roles have been eliminated.”

The cuts at both telecommunications service providers, the country’s two largest employers, reflect the tough economic conditions and wider belt tightening in corporate America. Oracle has laid jobs at its US customer service branch, Bloomberg reported on Monday while a long-time darling investment Robinhood said it plans to cut almost a quarter of its staff on Tuesday. Meta said last week that he froze some roles in the midst of his the first ever decline in revenues.

The environment likely serves as a catalyst for price-conscious wireless consumers who are starting to look for bargains. Verizon, for its part, attributed its recent troubles to inflation and economic conditions, as well as its struggle to get people subscribed to their lower-end unlimited plans. The carrier picked up price for legacy shared data plans and recently increased rates for customers (which, it was said, was not the result of inflation), although both fees only came into effect in June and it remains to be seen whether more customers will drop out as a result.

To reach budget conscious customers, Verizon introduced a cheaper “Welcome Unlimited” last month.

“Our second quarter was not a very good barometer for what Verizon was or where it is going,” said Hans Vestberg, the company’s president and CEO, during a conversation about the company’s results. “We are not satisfied with our results.”

Verizon shares are down about 15% this year, down from a 13% drop in the S&P 500. T-Mobile is up nearly 26%.

Like Verizon, T-Mobile tried to downplay the cuts.

“As we continue to employ the best talent with more than 2,000 open positions, we are also making normal organizational changes in certain areas of the company, which will allow us to better focus our resources on being in places where they want and need us to be,” the company said in a statement. . “These changes primarily affect a small number of back office managers and administrators.”

Sharp wireless and T-Mo report previously informed about layoffs in T-Mobile.

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