The news: Verizon announced it will lay off 4,800 employees—or 4.5% of its staff—by March 2025, and half of those workers will be cut this month.
The layoffs were announced less than two weeks after Verizon released its plan to acquire Frontier Communications.
The company is writing off $1.9 billion in severance payments in Q3 and divesting “non-strategic portions” of certain businesses to free up capital.