The job cut hit parade line just got 15,000 more members.
Verizon Looks to Slash Expenses
The Wall Street Journal reports Verizon to Cut About 15,000 Jobs
Verizon Communications VZ is planning to cut roughly 15,000 jobs, looking to reduce costs as it contends with increased competition for both wireless service and home internet customers, according to people familiar with the matter.
The cuts, the largest ever for the carrier, are set to take place in the next week, the people said. The majority of the reduction is expected to be made through layoffs.
Verizon also plans to transition about 200 stores into franchised operations, which will shift employees off its payroll, one of the people said.
The company had about 100,000 employees as of February, according to securities filings.
In the most recent quarter, Verizon lost a net 7,000 consumer postpaid phone connections, while Wall Street analysts had forecast a gain of 19,000. AT&T and T-Mobile have both been growing postpaid subscriber counts.
Frantic Push to Reverse Decline
Also consider Inside the Frantic Push to Reverse Verizon’s Decline
Verizon had reported two consecutive quarters of losses of core consumer wireless customers, and was headed for a third. T-Mobile US, strengthened by its merger with Sprint, had valuable airwaves that made its often lower-cost service increasingly robust.
Vestberg, the former chief executive officer of the telecom-equipment maker Ericsson, wanted to continue pursuing a network-first strategy focused on ensuring that Verizon could tout the strength of its service. The company had put claims about its network’s muscle at the center of its marketing efforts since its “Can you hear me now?” campaign in the early 2000s.
But most of Verizon’s board wanted faster customer growth, especially ahead of a potential investor presentation in the works, according to people familiar with the matter. The board decided to tap one of Verizon’s directors, Daniel Schulman, to take over. Now, the new boss is promising to make major changes.
Growth from Where?
| Category | Number of Connections | Notes |
|---|---|---|
| US Wireless Retail | 146.1 million | Largest U.S. wireless carrier; includes postpaid and prepaid consumer plans. Up from ~144 million in 2023. |
| US Fixed Broadband | ~11 million (est.) | Includes Fios fiber and fixed wireless access (FWA); FWA alone reached ~3 million by end-2023, on track for 4-5 million by end-2025. |
| Total US Customers | ~157 million (est.) | Approximate total, combining wireless and broadband connections. Enterprise/business adds ~10-15 million additional lines, but these overlap with wireless. |
| Global Customers | ~157 million (est.) | No separate consumer reporting; global totals mirror U.S. figures, with minor additions from international business services (e.g., via Verizon Business Group, serving clients in 30+ countries but not as retail subscribers). |
These figures are derived from Verizon’s Q3 2025 earnings and industry reports. Wireless growth has been driven by 5G expansion and fixed wireless additions, while broadband lags behind competitors like AT&T in fiber deployments.
In the intensely competitive business, with population growth negligible, the primary way to get customers is offer better rates and better service.
Cutting 15,000 workers will certainly cut costs, but where’s the growth?
Q&A on Customers
Mish: How many customers has Verizon lost and ATT gained?
Grok: Verizon has experienced net losses in wireless retail postpaid phone subscribers throughout 2025, primarily attributed to price hikes, increased competition from T-Mobile and cable operators (e.g., Charter/Spectrum), and higher churn rates (around 0.91% in Q3). In contrast, AT&T has consistently posted net gains, driven by promotions on higher-tier plans with expanded hotspot data, 5G adoption, and bundling strategies. These figures focus on wireless retail postpaid phone net additions/losses, the standard industry metric for core customer changes, as it reflects high-value, contract-based subscribers. Prepaid and connected device (e.g., tablets) metrics are noted where available but are secondary.Data is as of Q3 2025 (latest available; Q4 reports expected January 2026). Cumulative net change for 2025 YTD: Verizon lost ~415,000; AT&T gained ~1.13 million.
| Quarter | Verizon Net Change | AT&T Net Change | Notes |
|---|---|---|---|
| Q1 2025 | -289,000 (phones) -356,000 (total postpaid incl. devices) | +324,000 (phones) | Verizon’s largest loss, linked to early-2025 price increases on legacy plans and autopay discounts. AT&T beat expectations amid Verizon’s churn. |
| Q2 2025 | -51,000 (phones) Overall retail postpaid: +90,000 (driven by non-phone devices) | +400,000 (est. phones; total mobility: strong gains) | Verizon improved slightly but still negative on phones; prepaid added ~50,000. AT&T’s total wireless subs grew impressively. |
| Q3 2025 | -7,000 (phones) Overall retail postpaid: +74,000 (non-phone driven) | +405,000 (phones) | Verizon’s smallest phone loss, with business adding +51,000. AT&T’s gains fueled by premium plans; total wireless subs ~***** million (exact figure redacted in sources). |
Broader Context
- Total Subscriber Bases (End of Q3 2025): Verizon ~146 million wireless retail connections (down slightly YTD); AT&T ~***** million total wireless (up ~1-2% YTD, exact growth tied to gains).
- Why the Shift? Verizon’s aggressive pricing (e.g., $2/month smartwatch hikes, reduced autopay perks) drove 300,000 early losses to rivals and cable MVNOs. AT&T countered with value-focused bundles (e.g., Netflix/Max integrations) and fiber convergence (40% of fiber customers add mobile). Both added broadband subs (Verizon FWA: +121,000 in Q3; AT&T fiber/Internet Air: +300,000 quarterly), but wireless phone losses/gains are the headline metric.
- Outlook: Verizon aims to stabilize via “price lock” guarantees and equal promotions for existing customers. AT&T targets continued 3%+ wireless revenue growth into 2026.
Synopsis
Verizon hiked prices and now is slashing workers. In the process. it lost huge numbers of customers to ATT.
But with low population growth and customer poaching, what the growth plan other than price wars?
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This post originated on MishTalk.Com
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Mish
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