The Verizon strike 2016 has caused the company's stock to drop. The month-long protests have had an adverse impact on new customers.
The Street reported that the Verizon strike 2016 is affecting the company more and more. On Thursday, its stock has dropped 1.49 percent to $49.63.
It was noted that the Verizon strike 2016 has had a negative impact on the new customers of the telecommunications company. Union workers are still pushing for better pension benefits as well as the prevention of outsourcing jobs to contractors.
According to Fortune, Verizon has seen a massive decline in new customers ever since its employees walked off their jobs last Apr. 13, 2016. CFO Fran Shammo has confirmed at th e MoffettNathanson investor conference in New York that installations and new orders of FiOS service have "significantly dropped."
This may result to the company seeing a net loss of cable TV or broadband customers in the quarter. This will come after showing net gains in both businesses last year.
Previous Verizon strike 2016 news reported that the company and unions have returned to the bargaining table on Tuesday. The negotiations came after a meeting with Labor secretary Tom Perez.
On Sunday, Verizon CEO Lowell McAdam, CWA president Chris Shelton and IBEW president Lonnie Stephenson met with Perez in Washington. According to the department, the parties involved decided to renegotiate after "an open, frank and constructive dialogue."
Fortune added that both parties have agreed not to comment on the new round of negotiations. Shammo did note that the new talks were "a good sign" of progress.
Meanwhile, Frontier, who bought Verizon's fiber and copper networks in California, has explained why several customers were hit by service outages. Ars Technica reported that the company's corrupted data prevented Frontier's network from properly communicating with the customers' equipment.
"If we can get the provisioning to the ONT [the optical network terminals at customers' homes] in the proper manner then all the services come back up," Frontier West Region President Melinda White said. It will take another 10 days to clear the backlog of customers waiting for resolution.