Verizon tops estimates for Q3 earnings.
Somehow, the #pandemic proved to be beneficial for Verizon’s revenues despite the fact that they reported a loss. The figures fell 4.1% to $31.54 billion, marking an improvement from the 5.1% previously touted. The progress was because more customers were attracted to its new wireless services.
Verizon's media unit (Yahoo, HuffPost, and TechCrunch) fell 7.4% to $1.7 billion, as the companies cut down on advertising.
The quarterly #earnings per share came higher than the $1.22 expected at $1.25.
In Q3, Verizon gained 417,000 business accounts. Overall, the number of net subscribers increased by 553,000, topping by more than twice the consensus.
For the full year, Verizon expects the EPS to come up to 2% higher than last year’s figures.
Following the report, Verizon stock price gained 1.9%. Since the beginning of the year, the company’s stock price lost 6%, while USA500 went up 6.6%.
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Sources: cnbc.com, investing.com