May 30, 2023

Tishamarie online

Specialists in technology

Verizon’s second-quarter earnings beat analysts’ estimates despite coronavirus


Verizon earnings beat expectations despite COVID-19. 

Angela Lang/CNET

Verizon’s second-quarter earnings beat analysts’ estimates on earnings per share and revenue, despite the worldwide coronavirus pandemic. 

In its second-quarter report released Friday morning, the telecom giant revealed that it had total revenues of $30.45 billion with earnings per share coming in at $1.13. When adjusted and excluding special items, earnings per share was $1.18, putting it ahead of analyst expectations of $1.15 according to Yahoo Finance.

Analysts expected revenue for the quarter to be $29.93 billion.

On the wireless side Verizon said it added 352,000 net postpaid additions with 287,000 postpaid smartphone net additions.

Postpaid users, or those who pay their phone bills at the end of the month, are valued more highly by the investment community as a key metric of a carrier’s success.

The carrier says that 60 percent of its company-operated retail stores were reopened after closing in response to COVID. 

For Fios, Verizon’s home TV and broadband offering, the company had net additions of 10,000 Fios Internet users but had net losses of 81,000 for its Fios Video service as people continue to cut-the-cord. 

Source Article