Verizon sees delayed recovery

Verizon Communications yesterday said it is facing a slower-than-expected economic recovery and plans to cut six per cent of its workforce, adding that it forecasts only a modest rebound in late 2010. After reporting fourth-quarter results that were in line with Wall Street’s expectations, Verizon said weak corporate spending hurt its traditional fixed-line business, offsetting subscriber growth at Verizon Wireless. UK-listed Vodafone owns a 45 per cent stake in Verizon Wireless, which is the largest wireless telecommunications network in the US.