Verizon Communications, the largest U.S. wireless carrier by subscriber count, is reportedly planning to cut about 3,000 jobs. Most of the job cuts are tied to a significant shift in the company’s retail store operations.
Here’s what you need to know about the Verizon layoffs and retail store changes.
What’s happened?
On Wednesday, the Wall Street Journal reported that Verizon Communications Inc. (NYSE: VZ), is preparing to cut 3,000 workers. The majority of the job cuts are directly tied to a change Verizon has reported making to its retail store operations.
That change will see Verizon divest itself of 274 of its retail stores. The divestiture will result in the retail stores being transferred to franchise owners. After the divestiture, Verizon would still have about 1,000 company-operated retail stores.
The WSJ reported that most of the job cuts, about 2,500 of them, will be due to the retail store divestiture. However, about 500 layoffs will impact employees on the corporate side.
It is not known which retail stores Verizon will divest. Fast Company has reached out to Verizon for comment.
Reuters also reported the news, citing a memo to employees.
At the ned of 2025, Verizon had just under 90,000 full-time employees.
Verizon cut thousands of jobs in 2025
Unfortunately, this isn’t the first time Verizon has cut jobs recently.
At the end of 2025, Verizon laid off 13,000 workers. Before those layoffs, Verizon had over 100,000 full-time employees.
Last year’s layoffs were part of the restructuring effort begun by the company’s new CEO, Dan Schulman, and came as the company was facing stiff competition from competitors T-Mobile and AT&T.
Preceding the layoffs at the time, Schulman said Verizon needed to be “a simpler, leaner and scrappier business,” and said, “Our financial growth has relied too heavily on price increases. A strategic approach that relies too much on price without subscriber growth is not a sustainable strategy.”
How has Verizon stock reacted to the news?
As of this writing, Verizon stock is currently up about 1.2% to $44.40 in premarket trading. Yesterday, VZ C shares closed at $43.88.
Year-to-date, Verizon’s share price has risen over 7.7% as of yesterday’s closing price. Over the past 12 months, VZ shares have risen about 6.3% as of yesterday’s close.
Investors will be paying attention to the company’s earnings report, expected on July 24. They will be especially keen to hear any updates about how Verizon’s restructuring efforts are, or are expected to, impact the company’s bottom line.
