Verizon loses 653 million dollars in fourth quarter to reduce corporate clients

Author: Gao Juan Communication World Network (CWW) January 27 News Verizon, the nation's second-largest telecoms company, released its quarterly revenue yesterday, with data showing the company's four-quarter revenue less than analysts ' forecasts and a net loss of $653 million trillion.　　This is mainly due to higher unemployment in the United States, resulting in reduced corporate customers. Verizon has said that its cable sector will recover as unemployment declines, and that unemployment has reached 26-year highs according to the Labor Department.　　Although Verizon's total fourth-quarter revenues rose nearly 10% per cent Year-on-year, the company lost $653 million in net losses due to large layoffs. Verizon's revenue in the fourth quarter was $27.1 billion trillion, up 9.9% per cent year-on-year, below the industry's average revenue forecast of $27.3 billion. Verizon's net loss amounted to $653 million trillion, 23 cents a share, as a one-off 3 billion-dollar fee was spent on layoffs in the quarter. In the same period in 2008, Verizon achieved a net profit of $1.24 billion, 43 cents per share. Despite one-time spending, Verizon averaged 54 cents a share in the fourth quarter, reaching expectations.