Telecom provider Verizon Communications Inc ( VZ ) plans to cut about 15,000 jobs next week.

It marks the company’s biggest workforce reduction to date, to slash costs as competition in wireless and home internet intensifies, according to people familiar with the matter.

The company will also convert roughly 200 stores into franchises, shifting employees off its payroll as part of a broader efficiency drive, the Wall Street Journal reported on Thursday.

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Verizon stock is up close to 4% year-to-date as it grappled with a surprise CEO change, slowing subscriber growth in a competitive wireless market.

Newly appointed CEO Daniel Schulman, formerly of PayPal and Virgin Mobile USA, has pledged to streamline operations and curb expenses after Verizon lost postpaid phone subscribers for three straight quarters. "Cost reductions will be a way of life for us here," Schulman said last month after taking over leadership.

On Oct. 29, Verizon reported mixed third-quarter results but reaffirmed its 2025 guidance, lifting investor sentiment.

Revenue rose 1.5% year-over-year to $33.8 billion, missing estimates, while adjusted EPS of $1.21 beat expectations. The company added 306,000 broadband subscribers, including 261,000 fixed wireless and 61,000 Fios customers, bringing total broadband connections to 13.2 million—up 11.1% from last year.

Consumer revenue grew 2.9% to $26.1 billion, offsetting 7,000 postpaid phone losses, while Business revenue slipped 2.8% to $7.1 billion. Net income jumped to $5.1 billion from $3.4 billion a year ago, and free cash flow rose to $6.96 billion.

For 2025, Verizon maintained guidance for 2.0%–2.8% wireless service revenue growth, adjusted EPS of $4.64–$4.73, and free cash flow between $19.5 billion and $20.5 billion.

Verizon had around 100,000 employees as of February.

VZ Price Action: Verizon Communications ( VZ ) shares were up 1.31% at $41.34 at last check Thursday.

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