Verizon To Cut Equivalent Of 10,000 Jobs

A spokesman for New York-based Verizon on Tuesday confirmed that the company's co-chief executive Ivan Seidenberg spoke about the job cuts on Monday at an investor conference in Orlando.

Verizon ended 2001 with about 247,000 employees after cutting more than 16,000 jobs, mostly through a voluntary buyout offer and attrition. Cutting overtime expenses and the use of contractors trimmed the equivalent of 13,000 more jobs.

The company has been trying to cut costs to offset weak demand for basic telephone services in the soft economy. During the fourth quarter, Verizon posted a $2 billion loss as revenues rose less than 1 percent, to $17.0 billion. It expects its 2002 revenues to rise about 3 percent to 5 percent.

Shares of Verizon shed 22 cents to $47.71 in Tuesday morning trading on the New York Stock Exchange.

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