Verizon Pain From Strike Seen Growing; Wells Fargo Cuts Estimates [telecom]

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By REINHARDT KRAUSE

Verizon Communications is starting to feel the pain from the ongoing strike by nearly 40,000 wireline workers, according to Wells Fargo, which on Friday lowered its Q2 and full-year profit-margin and revenue estimates for the telecom giant.

Two unions representing about 39,000 Verizon landline workers, including those that work on its FiOS TV and broadband services, went on strike April 13. Verizon's wireless workers, however, are not unionized, except for roughly 100 employees. Verizon has a total workforce of nearly 178,000.