Review: Proporta TurboCharger 5000 – External Emergency Charger Battery Pack
Verizon Communications Inc. on Tuesday posted an unusual loss for the fourth quarter, as a charge for layoffs in its shrinking landline business overshadowed the growing, and profitable, wireless business. And even the wireless business ran into trouble, as tough competition cut into Verizon’s profit margins. Verizon CEO Ivan Seidenberg told analysts on a conference call that the company continues to feel the effect of the economic downturn, particularly in selling service to businesses. “We’re facing some more significant headwinds than we thought we would face from the economy,” he said. He is now expecting a more robust recovery in 2011. Verizon shares fell 58 cents, or 1.9 percent, to $30.10 in morning trading. The nation’s second-biggest phone company lost $653 million, or 23 cents per share, in the last quarter. In the same period a year earlier it had a profit of $1.24 billion, or 43 cents per share. Excluding one-time items, mainly consisting of a $3 billion charge for severance and other costs associated with layoffs, Verizon says it earned 54 cents per share. That was a penny below the average analyst estimate, as polled by Thomson Reuters. Those estimates were already reduced, after Verizon warned early this month that it paid higher-than-expected subsidies to put phones in the hands of customers. Verizon Wireless is fighting to attract high-paying subscribers away from AT&T Inc. and its exclusive iPhone. AT&T reports earnings Thursday. Verizon’s revenue rose 10 percent to $27.1 billion, largely due to the acquisition last January of Alltel Corp. Analysts were expecting $27.3 billion. New York-based Verizon ended the quarter with 222,927 employees, 7,413 fewer than it had in September. The layoffs have come on the traditional phone-company side, as many customers give up their lines in favor of using only cell phones or phone service from cable companies. Chief Financial Officer John Killian said the…
Read the rest here: Verizon Posts 4Q Loss on $3B in Layoff Costs
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mona mccallum