Verizon Prepares Third Round of Layoffs Ahead of Q2 Earnings

The company is preparing another round of job cuts, according to a person familiar with the matter, ahead of its second-quarter earnings report. This would be the third reduction since Schulman became CEO in October 2025.

During a January earnings call, Schulman set a target to cut $5 billion in operating expenses for 2026, explicitly linking a substantial portion of those savings to headcount reductions. The layoffs are part of that broader cost-cutting initiative.

Verizon has not disclosed the number of positions affected or the specific divisions that will be impacted. The company is expected to provide more details when it releases its Q2 results.

Schulman, who previously led PayPal, took over at Verizon with a mandate to streamline operations and improve profitability. The company has faced pressure from slowing subscriber growth and intense competition in the wireless market.