Verizon to cut 13,000 jobs

Verizon Communications Inc. said Tuesday it plans to cut about 13,000 jobs this year. The news comes after the company announced that it recorded a net loss of $653 million, or 23 cents per share, compared with a profit of $1.24 billion, or 43 cents a share, a year earlier.

Analysts had forecast earnings of 54 cents per share.

Verizon cut 13,000 jobs from its landline business in 2008 and another 13,000 last year. The new round of layoffs will not be specific to any geographic area, said Bob Varettoni, a Verizon spokesman.