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Verizon Reports Q1 2020 Earnings & Removes Full Year Revenue Outlook

By John F. Heerdink, Jr.

Telecom Giant, Verizon Communications, Inc. (VZ) released first-quarter 2020 earnings recently reporting earnings per share of $1.26, beating analysts’ estimate of $1.22. Total operating revenue of $31.6 billion was recorded, a 1.6% drop from a year earlier.

Verizon lost 68,000 phone subscribers who pay a monthly bill in Q1 amid COVID-19 driven lockdown, leading to the closure of 70% of its stores.

The company revised its full-year adjusted earnings per share outlook to between growth of 2% and a fall of 2% in comparison to the earlier expected growth of 2% to 4%. Total operating revenue for the wireless carrier dropped by 1.6% to $31.6 billion from a year earlier. Analysts had forecast revenue of $32.27 billion.

Verizon Communications, Inc. (VZ) is a worldwide leader in delivering communications and technology solutions that improve the lives of its customers. To learn more about Verizon Communications, Inc. (VZ), and to track its progress please visit the Vista Partners Verizon Communications Inc. Coverage Page.

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(Read Original Story: Verizon pulls 2020 revenue view as lockdowns result in wireless subscriber loss in CNBC)


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