Verizon Communications Inc (VZ) released Q2 earnings this week, beating estimates for quarterly profit and revenue as demand for its phone and internet services increased due to COVID-19 imposed lockdown pushing a rapid shift to remote working and learning. Also, higher demand for internet services amid lockdown helped the company get more phone subscribers who pay a monthly bill.
Highlights from the quarter earnings ending June 30:
- Verizon added 173,000 postpaid phone customers, well above analysts’ average estimate of 61,200.
- Total operating revenue fell 5.1% to $30.4 billion but beat analysts’ average estimate of $29.93 billion. The fall in revenue was caused by a drop in device sales in the quarter due to store closures amid pandemic.
- Revenue in Verizon’s media unit, which includes Yahoo, HuffPost, and TechCrunch, declined 24.5% in the second quarter to $1.4 billion in comparison to a year earlier.
- Net income rose to $4.84 billion, or $1.13 per share in comparison to $4.07 billion, or $0.95 per share, a year earlier.
- Verizon earned $1.18 per share, beating analysts’ average estimate of $1.15.
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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