Verizon Communications Beats Projections on Lockdown Boost

Verizon Communications Beats Projections on Lockdown Boost

Verizon Communications has recently announced that it has beat estimates for Q2 profit
and revenue. This is due to the increased demand for its internet services and devices – as
the COVID-19 prompted a speedy shift to remote working models as well as online learning. According to FactSet, in the second quarter of 2020, the company added 173,000 postpaid customers, while the average estimation was only for 61,200.

The surge in demand for internet services has benefitted the company to add more
subscribers to pay a monthly bill. It was also found that the total operating revenue gone
down 5.1% to $30.4 billion, beating the average forecast of $29.93 billion – claimed
Refinitiv.

Source: Reuters