Verizon and Verizon Wireless took a double hit today with Sprint confirming it will become an even more fierce competitor by carrying the iPhone 4S, and Occupy Wall Street protestors urging a boycott of all Verizon products.
Occupy Wall Street, the leaderless protest which has gathered in the Financial District of Manhattan for over 2 weeks in defiance of corporate greed, is now protesting Verizon, the number one most-successful telecommunications company.
Communications Workers of America (CWA) is sponsoring the 45,000 Verizon and Verizon Wireless workers who have just returned from a two week strike concerning their labor contracts.
While some Verizon employees returned to work, others have infiltrated the Occupy Wall Street crowd, renaming Verizon as "VeriGreedy".
Protestors are now passing out flyers urging Americans to boycott the corporation, which supposedly gave “$285 million in compensation to just their 5 executives,” while cutting middle class jobs, according to a statement released by the CWA.
“We will continue to do our part to reach a new contract that reflects today's economic realities in our wireline business and addresses the needs of all parties,” Verizon’s executive vice president of human resources Mark C. Reed said in a statement.
In light of the expected iPhone 4S launch the Communications Workers of America has created “iWon’t,” a campaign urging consumers to not buy the iPhone 4S Verizon plan until Verizon changes its employee benefits.
“If you’re buying a new iPhone, consider getting your service from AT&T, which has a unionized workforce and respects workers’ rights,” the Communications Workers of America urged in a statement.
This could prove as a formidable blow to Verizon, especially because analysts are predicting Sprint will join the Apple team for the iPhone 4S release, now scheduled for mid-October, thus creating more competition for Verizon.
“Sprint is reportedly putting down $20 billion to provide several years worth [of iPhones],” reported CNN.
Critics argue that Apple’s choice of the Sprint carrier was a wise move, primarily because Sprint’s cheap rates will allow more coverage for more people.
Sprint's budget plans will also lure users away from Verizon.
On the other hand, a Sprint/Apple contract could ruin the Sprint company, eliminating it from Verizon's competition. Critics argue that Sprint has bitten off more than it can chew, and the massive purchase of 30 million iPhones over the next four years could result in the make or break of the 3rd rank telecommunications company.
Verizon’s stock has dropped 1.60 percent, while Sprint’s was down 10 percent as of yesterday.
Verizon employees continue to fight for a better labor contract, and Apple has yet to announce a Verizon contract for the new iPhone 4S.