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Verizon $653 million Q4 Loss and Future Job Losses

Despite a 10% increase in revenue, Verizon has reported a fourth quarter loss of a staggering $653 million, which they put down to cost related layoffs, reports an article over on the New York Times.

A further warning of job losses came from Verizon when the company said they intend on chopping an additional 13000 jobs this year.

Verizon subscription took a boost in the quarter with an additional 2.2 million subscribers which is a substantial rise from the year previous which was 1.2 million subscriber additions.

Independent analyst, Julien Blin stated that like all US carriers, Verizon has felt the impact of the macro environment during 2009, although we should see signs of recovery during 2010. John Killian, chief financial officer for Verizon says Verizon will continue to trim costs to combat deterioration of residential wireline business and corporate business.