“Verizon Communications said it is facing a slower-than-expected economic recovery and plans to cut 6 percent of its workforce, adding that it forecasts only a modest rebound in late 2010.

After reporting fourth-quarter results that were in line with Wall Street’s expectations, Verizon said weak corporate spending hurt its traditional fixed-line business, offsetting subscriber growth at Verizon Wireless. Shares fell 2 percent.”

(Verizon to cut 6 percent of its workforce – Earnings- msnbc.com)

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