Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Verizon profit beats estimates on remote working boost

10/21/2020 | 02:09pm EST
FILE PHOTO: The Verizon store in Superior

(Reuters) - Verizon Communications Inc beat estimates for third-quarter profit on Wednesday, helped by strong demand for its phone and internet services as offices and schools continued to operate virtually amid the COVID-19 pandemic.

The health crisis has brought global economies to a halt, but the telecom sector has been relatively less affected. With lockdowns easing, Verizon gradually reopened all of its company-operated retail stores in the quarter, implementing touch-less retail, appointments and curbside pickups.

Verizon added 283,000 postpaid phone subscribers in the third quarter, above the average estimate of 268,000, according to research firm FactSet.

Total operating revenue fell 4.1% to $31.54 billion, which the company attributed to lower customer activity and the timing of certain device launches.

Apple Inc , one of Verizon's key partners, has delayed the launch of its new iPhones by about a month this year.

Revenue in Verizon's media unit, which includes Yahoo, HuffPost and TechCrunch, declined 7.4% in the quarter to $1.7 billion from a year earlier as companies cut down on advertising to rein in expenses.

Net income fell to $4.50 billion, or $1.05 per share in the quarter, from $5.34 billion, or $1.25 per share a year earlier, with about 5 cents of COVID-19-related net impact, Verizon said.

Excluding items, Verizon earned $1.25 per share, above analysts' average estimate of $1.22.

The company also said it now expects full-year 2020 adjusted EPS growth of 0% to 2%. Its prior guidance range was -2% to 2%.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr and Saumyadeb Chakrabarty)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 3.08% 122.72 Delayed Quote.62.17%
VERIZON COMMUNICATIONS 0.28% 60.58 Delayed Quote.-1.34%
Latest news "Companies"
05:59pVALORE METALS : Drills 76.74 metres of 1.25 g/t 2PGE+Au, incl. 15.00 m at 4.19 g/t 2PGE+Au, 0.63% Ni and 0.25% Cu at Pedra Branca
AQ
05:59pSupreme Court Justices Question IRS Shield in Tax-Shelter Case -- 2nd Update
DJ
05:59pPACKAGING OF AMERICA : PCA Tomahawk Named an Educator of the Year by TEAPIE
PU
05:59pU.S. Panel Recommends Giving First Covid Vaccines to Health Workers, Nursing Homes--Update
DJ
05:57pTEMPLETON GLOBAL INCOME FUND : (“GIM”) Announces Distribution and Update to Its Use of Currency Options Disclosure
BU
05:57pTHORNEY OPPORTUNITIES : Net Tangible Asset Backing - November 2020
PU
05:57pCornyn Leads Letter to USTR Opposing Tax Increase on Job-Creators in Foreign Trade Zones
PU
05:57pTEMPLETON EMERGING MARKETS INCOME FUND : (“TEI”) Announces Distribution and Update to Its Use of Currency Options Disclosure
BU
05:55pZOOMERMEDIA LIMITED : Announces Stock Option Grants
AQ
05:55pALTERITY THERAPEUTICS : FNN presentation – December 2020
PU
Latest news "Companies"