Verizon Communications, Inc. (NYSE:VZ) has announced plans to cut costs by $10 billion over the next four years. In 2016, Verizon had just under $100 billion in operating expenses, so it is going in for roughly a 10 percent cut in expenses. Nothing to sniff at.
Analysts have not been particularly enamored with the future of this diversified telecom company. Comments center somewhere around the statement that "the outlook for the next couple of years is nothing to write home about." A little dismissive.
Wireless customers are going through a transition period, and although Verizon has been working on a new business model, results to this point are not that satisfying. As a consequence, Verizon has had to cut prices in this area and offer unlimited data plans, as competitors have been very aggressive.
