Verizon Strike Update: Tech Giant's Loss Big Time; Union Workers Decapitate Company?

The recent Verizon strike update revealed big losses for the tech company. The union workers' demands and unrest have impeded operations. As such, speculations of the company's end are spreading thanks to the strike. 

A massive number of telephone, cable TV and broadband Internet service installers walked out of Verizon Communications, which has led to a significant decline in new customers this quarter, Fortune reports. Moreover, about 40,000 employees who work from Massachusetts to Virginia installing and servicing traditional telephone lines and newer FiOS offerings have been  on strike since April 13.

During the first month of the strike, the two sides traded increasingly heated allegations, leading up to an armed confrontation in the Philippines between Verizon's security guards and U.S. workers, who supported the strike.

Jobs & Hire formerly reported that the latest Verizon strike is predicted to finally come to an end since the tech company is finally open for negotiation. With talks underway, many are thinking about whether the rift and division will finally settle and if a resolution or compromise can be reached in Washington.

Verizon and striking union officials will remain at the bargaining table in Washington this week. Senior leaders of the telecommunications giant, Communications Workers of America and the International Brotherhood of Electrical Workers met last Tuesday with Labor Secretary Tom Perez and federal mediator Allison Beck to continue the talks.

The strike has led to countless repercussions. Although there were talks of both segments meeting to reach a resolution, the situation remains unsettled. Verizon seems to have lost control of its operations and of its profits as well.

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