As has been confirmed by official figures shared, the giant telecom services provider, Verizon Communications Inc. swung to a loss during 2009's last quarter, mainly on the back of huge charges involved in lay-offs. The company has now announced another round of job cuts as top management sounds a pessimistic chime as far as the economic recovery goes.

Although the New York-based telecom major's wireless division managed to remain somewhat robust when consumer spending was at an all-time low, its more prominent wireline business was hit hard.

"The economy won't help us as much as we thought", said Chairman and Chief Executive Ivan Seidenberg, while also stressing that things do not seem to be improving until the end of 2010.

For the three months up-to December end, Verizon posted a loss of $653 Million, or 23 cents per share, a significant fall when compared to the profit of $1.23 Billion, or 43 cents per share, which was reported for 2008's final quarter.

Revenue, however, climbed by 9.9% to $27.09 Billion.

"We're facing more significant headwinds than we'd thought we'd face", Chief Seidenberg said.