Verizon?s second quarter revenue will fall by $343 million, according to Wells Fargo estimates. The bank?s estimate comes after Verizon reported new FiOS installations plummeted during the workers? strike.
Verizon promised to build FiOS to every residence in Philadelphia by February 2016, but the company won?t tell the city how many homes and apartments still can?t get FiOS service. The city has reached out directly to residents with the plea: tell us if you can?t get FiOS.
The Verizon workers? strike is delaying Verizon?s acquisition of XO Communications? fiber network, a $1.8 billion dollar deal announced in February. This is the most recent harm Verizon?s leadership has caused the company by refusing to negotiate and settle a fair contract.
Secretary Perez met at the US Labor Department with Lowell McAdam, chairman and CEO of Verizon; Chris Shelton, president of CWA; and Lonnie Stephenson, president of IBEW. The parties agreed to return to the bargaining table on Tuesday to continue their discussion.
A CWA delegation exposed Verizon?s attempts to deceive the public on the extent of its offshoring exposed and sought a meeting with Verizon management in the Philippines. They were confronted by heavily armed Verizon security.
Verizon was supposed to deliver FiOS access to everyone in Philadelphia in exchange for a city-wide franchise agreement ? a deal similar to the one Verizon made in New York, where it also broke its promise to build out its all-fiber service.
FCC complaint exposes Verizon?s efforts to deceive customers and cut off service in violation of FCC?s rules.
As the Verizon strike enters its third week, basic safety practices aren?t being followed as unqualified managers and contractors hang cables, place poles and operate heavy equipment throughout the Verizon footprint.
Verizon shares are down 4 percent to $49.68 and the company warned that the ongoing strike by CWA and IBEW members could damage second quarter earnings.