10:50 AM EDT, 09/12/2024 (MT Newswires) -- Verizon Communications ( VZ ) said Thursday that it expects a severance charge in the range of $1.7 billion to $1.9 billion in Q3 mainly due to a voluntary separation program for select US management employees.

Nearly 4,800 employees will leave the company under the program by the end of March 2025 and more than half of those will exit in September, according to Verizon.

The company said it plans to cease use of certain real estate assets and quit non-strategic businesses under its continued transformation initiatives that will result in $230 million to $380 million in rationalization charges in Q3.

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