Verizon to slash 8,000 jobs

verizon-job-cuts

Telecom giant Verizon Communications has announced that it will be eliminating more than 8,000 jobs this year as the company continues to be stung by a slowdown in corporate accounts.

Verizon’s net profit for the second-quarter fell to $1.48 billion from $1.88 billion last year. The job cuts, equivalent to 3.4 percent of Verizon’s workforce, will mostly affect the company’s landline unit.

The New York-based firm had already slashed the same number of positions last year, and will continue to cut costs in network integration, travel and real estate.