Updated: clarified that the story is about Verizon Communications and that the layoffs affect the wireline unit.
Verizon Communications reported its quarterly earnings today. Though the company's wireless division netted 1.1 million new subscribers (bringing the total to 87.7 million) and total revenue jumped 11% to $26.86 billion, Verizon saw a large 21% drop in profits. The company has also been hit with surging pension costs and weakening demand for some of its wireless services. In response, the company plans to reduce its contractor and employee workforce by 8,000 during the second half of 2009. Verizon indicated that the staff reductions would focus on its wireline and not its wireless business.