Verizon has announced it expects to record a severance charge between $1.7 billion and $1.9 billion in the third quarter after thousands of employees left the company.

The charge is as a result of a previously announced voluntary separation program, which will see around 4,800 employees leave the carrier by the end of March 2025.

The company announced the voluntary separation in June, with over half of the eligible 4,800 employees set to depart the company by the end of this month.

As of the end of last year, Verizon had 105,000 employees.

Verizon said that it plans to cease the use of certain real estate assets and exit non-strategic portions of certain businesses.

By doing this, the company expects to record asset and business rationalization charges in the range of $230 million to $380 million ($170 million-$290 million after tax) in the third quarter.

During the company's most recent quarterly earnings, Verizon reported income of $32.8 billion for the quarter, which was up 0.6 percent year-on-year.

However, the telco fell short of analyst projections for $33.05bn, due to a decline in wireless equipment revenue, noting that consumers are keeping their phones for longer.

Last week, the company announced it will acquire Frontier Communications for $20 billion in an all-cash transaction, as it pushes on with its fiber ambitions.