Employee reductions have once again hit Verizon Communications' earnings.
The telecommunications giant reported Friday a loss of 7 cents per share related in part to $2.3 billion in pre-tax costs related to "incentive" packages for what it dubbed 11,000 "voluntary workforce reductions" this year. Excluding those costs, second-quarter profits were 58 cents per share, beating Wall Street's estimates of 56 percent. Revenue fell slightly to $26.8 billion in the quarter.
Earnings were boosted in part by the success of smartphones running the Google-built Android operating system--the latest of which is Motorola's … Read more