Verizon Prepares Third Round of Layoffs Ahead of Q2 Earnings

The latest job cuts follow a reduction of 13,000 positions in November 2025 and another round in May. Schulman, who became CEO in October 2025, has targeted $5 billion in operating expense cuts for 2026, with a substantial portion tied to headcount reductions.

Verizon had about 89,900 employees at the start of 2026. In December 2025, Schulman told staff that previous layoffs were needed to reduce costs and free up resources for improving customer service, acknowledging that customer satisfaction was “not great” and that the company had lost market share over the past five years.

As part of its turnaround, Verizon introduced a flat-rate “simplicity plan” last month and is expanding the use of AI in customer service. The company also reduced capital spending to about $16 billion and acquired broadband operator Frontier Communications for $20 billion. Under the merger agreement, select Frontier workers are protected from involuntary layoffs for four years.

Verizon shares slipped about 0.6% on Tuesday following reports of the layoffs. The company is scheduled to publish its second-quarter financial report on July 24. Analysts forecast earnings of $1.27 per share and revenue of $35.25 billion for the quarter.