World News

Verizon cuts 10,000 jobs and admits its Yahoo/AOL division is a failure

Enlarge (credit: Getty Images | Spencer Platt)

Verizon is parting ways with 10,400 employees in “a voluntary separation program,” despite the Trump administration providing a tax cut and various deregulatory changes that were supposed to increase investment in jobs and broadband networks. The cuts represent nearly seven percent of Verizon’s workforce and were announced along with a $4.6 billion charge related to struggles in Verizon’s Yahoo/AOL business division.

Verizon described the voluntary buyouts as well as ongoing Yahoo/AOL failures in a Securities and Exchange Commission filing on Tuesday. The buyouts affect “US-based management employees” in multiple business segments, not just Yahoo and AOL.

Here’s what Verizon says about its Yahoo/AOL problem:

Read 9 remaining paragraphs | Comments