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Verizon reports Q2; reaffirms Palm Pre launch in early 2010, plans to cut 8,000 employees in 2009

Verizon, on its investor conference call this morning, reaffirmed its intentions to launch the Palm Pre in early 2010. While news of Palm’s revival handset hitting Verizon in the near future is hardly a surprise, Pre hopefuls loyal to Big Red will certainly find comfort in hearing VZW announce the news publicly once again. The impending arrival of the Pre comes alongside Verizon’s Q2 earnings report, which was otherwise laden with bad news. Revenue came in at $26.9 billion, up 11 percent YoY but profits dove a massive 21 percent to $1.48 billion. Wireless saw a 27.7 percent increase YoY in total revenue with a massive 52.6 percent increase in data revenue. Unfortunately, it just wasn’t enough. The real news from today’s call is that Verizon announced plans to reduce its workforce by around 8,000 between now and the end of 2009. It’s pretty obvious that Big Red needs to take drastic measures in its effort to cut operational expenses, but ouch.

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Zach Epstein

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content.

Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment. His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.