Verizon Cuts Under 1% of Workforce, Hundreds of Jobs at NJ Campus
Verizon announced cuts affecting several hundred positions, representing under 1% of its global workforce, with the largest concentration at its Basking Ridge, New Jersey campus. The move follows November’s 13,000-job reduction and accompanies CFO Skiadas’s pledge to extend efficiency efforts beyond 2026 alongside last quarter’s record $13.4 billion adjusted EBITDA.
1. Job Cut Details
Verizon confirmed a new round of cuts eliminating several hundred positions—under 1% of its roughly 120,000-employee global workforce—with the largest share at its Basking Ridge, New Jersey campus, primarily within smaller business units.
2. Executive Commentary and Rationale
CFO Anthony Skiadas affirmed that efficiency initiatives will extend past 2026, while CEO Dan Schulman highlighted AI-driven vendor support cost reductions of up to 70% and a 40% gain in software output, explicitly stating AI was not the cause of these headcount cuts.
3. Financial Performance Context
In the first quarter, Verizon posted a net gain of 55,000 postpaid phone subscribers—the first positive Q1 since 2013—adjusted EPS of $1.28 (up 7.6%) and record adjusted EBITDA of $13.4 billion, prompting the company to raise full-year subscriber and earnings outlooks.
4. Strategic Outlook and Acquisitions
Schulman’s ongoing cost-reduction strategy complements the January integration of Frontier’s fiber internet results, with savings from workforce reductions earmarked for redeployment into customer experience enhancements and growth areas.