A $3 billion charge for workforce reductions hit Verizon Communications' bottom line in the fourth quarter, despite strong growth in wireless.
On Tuesday, the telecommunications giant said it added more than 2.2 million mobile subscribers to its network. About 1.2 million were retail customers and about 1 million came from reseller partners. Analysts had expected Verizon to sign up just over 1 million new subscribers.
Despite strong wireless sales, Verizon reported an overall net loss for the fourth quarter due to charges associated with employee layoffs. It posted a net loss of $653 million, or 23 cents per … Read more