Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News

News :

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
The feature you requested does not exist. However, we suggest the following feature:

Verizon Communications : takes billions in charges for Oath, voluntary buyouts

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/11/2018 | 04:58pm CET
The Verizon logo is seen on the side of a truck in New York

(Reuters) - Verizon Communications Inc said Tuesday it will take a $4.6 billion charge related to its Oath media assets - Yahoo and AOL - and a severance charge of up to $2.1 billion for voluntary buyouts, in the fourth quarter.

The largest U.S. wireless carrier by subscribers said in a filing that competition pressures will continue for Oath, which was formed after Verizon bought Yahoo and AOL. The company previously said it did not expect Oath to meet its revenue goals. [nL3N1X36DP]

Verizon had said that about 10,400 employees will leave the company by the middle of next year as part of its voluntary separation program. The employees will get a salary of up to 60 weeks, bonus and benefits, depending on their length of service.

The New York based-company said the severance charge was mainly on account of the buyouts announced on Monday as well as other headcount reductions.

Verizon, which had 152,300 employees as of the quarter ended Sept. 30, has been looking to cut costs as it ramps up investment in its next-generation 5G network, which is expected to fuel its future growth.

It said severance charges in the fourth quarter would come to $1.3 billion to $1.6 billion after tax, with the Oath charge amounting to $4.5 billion after tax.

Analysts on average expect Verizon to post a profit of $1.08 per share for the current quarter, according to IBES data from Refinitiv.

The company is set to post its fourth-quarter results on Jan. 29.

(Reporting by Sonam Rai in Bengaluru; Editing by Arun Koyyur and Jonathan Oatis)

By Sheila Dang and Sonam Rai

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
04:58pVERIZON COMMUNICATIONS : takes billions in charges for Oath, voluntary buyouts
RE
04:58pARCHER LIMITED : Grant of Restricted Stock Units to Chairman of the Board
AQ
04:57pChina, U.S. discuss road map for next stage of trade talks
RE
04:57pHigh-Quality Optoelectronics and Test & Measurement Equipment for Auction from Foxconn Interconnect Technologies up for Auction on Liquidity Services’ Go-Dove Marketplace
GL
04:56pFIRSTGROUP PLC : - Director/PDMR Shareholding
PR
04:56pGlobal Automotive LIDAR Sensors Market 2018-2022| Rapid Developments in Autonomous Vehicle Technology to Boost Growth| Technavio
BU
04:55pADB ASIAN DEVELOPMENT BANK : Invests $50 Million in Creador IV to Support Businesses in Southeast Asia, India, and Sri Lanka
PU
04:55pMARRIOTT INTERNATIONAL : Football Fever Takes Over Marriott Rewards Moments and SPG Moments With Introduction Of Super Bowl LIII and 2019 Pro Bowl Exclusive Experiences
PU
04:55pTTS : Results from the Bondholders' meeting
PU
04:54pNETCARE : One dead and six injured in structural collapse in KZN
AQ
Latest news
Advertisement