Verizon expects $1.7B-$1.9B severance charge in Q3 2024; 4,800 to separate

VERIZON COMMUNICATIONS INC

Voluntary separation program for U.S. management employees: ~4,800 eligible; over half exit Sept 2024, rest by March 2025.
Records severance charge of $1.7B-$1.9B ($1.3B-$1.4B after-tax) in Q3 2024.
Also records asset and business rationalization charges of $230M-$380M ($170M-$290M after-tax) from ceasing real estate and exiting non-strategic businesses.

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