Even with wireless growth, Verizon posts Q4 loss of $653 million

By on January 27, 2010 at 9:50 AM.

Even with wireless growth, Verizon posts Q4 loss of $653 million

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Yesterday, Verizon Communications, Inc. reported a Q4 loss of $653 million, despite a strong showing from its wireless division. Verizon Wireless has the most retail customers of any U.S. carrier, and added 2.2 million new lines during Q4 — almost all of which were post-paid customers — bringing their total customer base to 91.4 million. Losses are being credited to a shrinking land-line customer base, as users move exclusively to cell phones, which was down 3.9% in Q4. VZ announced it will be laying off an additional 13,000 employees in 2010 in an attempt to tighten its belt and get back into the black. DROID.

[Via New York Times] More →

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