Although stay-at-home orders cut down store visits, limiting new
sign-ups in a quarter that was almost entirely spent under
lockdown rules, a pick up in demand for internet services helped
the company add more phone subscribers who pay a monthly bill.
In the second quarter, Verizon added 173,000 postpaid phone
customers, above analysts' estimates of 61,200 additions,
according to research firm FactSet.
Total operating revenue fell 5.1% to $30.4 billion but beat the
analysts’ average estimate of $29.93 billion, according to IBES
data from Refinitiv.
The company said that the fall in revenue was due to a decline
in wireless equipment revenue in the quarter, hurt by
lockdown-led store closures.
Revenue in Verizon's media unit, which includes Yahoo, HuffPost
and TechCrunch, declined 24.5% to $1.4 billion from a year
earlier as companies cut down on advertising to rein in
expenses.
(Reporting by Neha Malara; Editing by Shounak Dasgupta and
Saumyadeb Chakrabarty)
[© 2020 Thomson Reuters. All rights
reserved.] Copyright 2020 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|