Verizon Communications 3Q Profit Weakens
October 21 2020 - 08:24AM
Dow Jones News
By Micah Maidenberg
Verizon Communications Inc. reported weaker third-quarter sales
and a smaller profit, in part due to a drop in revenue tied to
wireless equipment.
Verizon on Wednesday said profit fell to $4.5 billion, or $1.05
a share, from $5.34 billion, or $1.25 a share, for the year-earlier
period.
Selling, general and administrative expenses rose 1.7% year over
year, while Verizon's cost of services were up 0.7%.
In its consumer business, Verizon said it saw a significant
decrease in revenue tied to wireless equipment due to reduced
customer activity. Total consumer revenues were down 4.3%.
It estimated that the Covid-19 pandemic sliced out 5 cents from
its earnings per share.
The company reported an adjusted profit of $1.25 a share, or 3
cents ahead of what analysts had been looking for on that
metric.
Total revenue dropped 4.1%, to $31.54 billion. Analysts polled
by FactSet had predicted $31.59 billion for the latest period.
The company reported it added 283,000 postpaid phone connections
for the quarter on a net basis.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
October 21, 2020 08:09 ET (12:09 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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