Workers React to Verizon Profit Report

November 3, 2015

Workers React to Verizon Profit Report —Verizon workers, about 39,000 members of the Communication Workers of America (CWA) and International Brotherhood of Electrical Workers (IBEW), held a rally outside company headquarters in New York City. They continue to bargain with the company after their contract expired in August. Verizon contract proposals have so far been unacceptable, asking workers to pay more for healthcare, on top of less job and retirement security.

On October 20 Verizon reported profits of $4.2 billion for the third quarter of 2015 on revenue of $33.2 billion, on top of $8.6 billion in the first half of the year. “Yet again, Verizon’s quarterly report shows the strength of the company’s bottom line,” says Bob Master, CWA District 1 assistant to the vice president. “But despite another almost $1.5 billion dollars a month in profits, Verizon continues to ignore millions of consumers who want its high-speed network in both cities and rural areas. At the same time, the company turns its back on its workers, demanding the right to ship even more family-supporting jobs overseas. Verizon should stop stalling and negotiate a fair contract.”

In recent weeks, 13 Northeastern mayors and the Democratic candidate for mayor of Philadelphia sent a letter to Verizon expressing anger at the company’s refusal to build its high-speed FiOS network at all in some cities and failure to meet contractual and legal requirements to complete universal build-outs. The Mayors also expressed concern about Verizon’s treatment of its workforce in ongoing contract negotiations. Across the East Coast, Verizon has systematically refused to invest in its infrastructure.