According to a report by the Verge on Wednesday, Verizon Communications Inc conducted a meeting with customer service employees to inform them of upcoming “restructuring” and “streamlining” measures, which could lead to significant layoffs.
Over 6,000 employees reportedly attended the event, while the consolidation measures could impact far greater numbers.
Further details will be disclosed on May 25th, the Verge reported.
Last month, Verizon Communications’ first-quarter revenue and free cash flow fell short of market expectations, as the company lost 127,000 net monthly bill-paying wireless phone subscribers.
The shares of Verizon Communications Inc (VZ) closed 1.02% ($0.37) lower at $35.87 in New York on Wednesday, as they reversed a gain from the prior trading session.
The wireless carrier’s total market cap now stands at $150.797 billion.
The shares of Verizon Communications Inc went down 24.17% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
The company’s shares have retreated another 8.96% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 6 out of 12 surveyed investment analysts had rated Verizon Communications Inc’s stock as “Buy”, while other 6 – as “Hold”. The median price target on the stock stands at $46.13, which translates into a 28.60% upside compared to Wednesday’s closing price.
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