Verizon's 10,000 Job Cuts a Wrong Number to Street

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Verizon Communciations

(VZ) - Get Report

was down 1.8% in late morning.

It previously announced a series of cost-saving measures, including cutting the use of contractors, reducing overtime and shrinking staff though attrition and layoffs.

The company said it would cut the equivalent of 10,000 employees, although it may add some in fast-growing units.

The telephone and data company also unveiled plans to expand abroad.