Verizon Narrows Range for 2020 Adjusted-Profit Expectation
October 21 2020 - 08:30AM
Dow Jones News
By Micah Maidenberg
Verizon Communications Inc. narrowed its adjusted-profit
forecast for the year.
The telecommunications company on Wednesday said it now expects
adjusted profits, on a per-share basis, to be flat or rise 2%.
Previously, Verizon had said it expected those earnings could
fall by as much as 2% for the year or rise as much 2%.
"This update includes the previously discussed accounting
headwinds, impacts from Covid-19, and new device launches in
fourth-quarter 2020," Verizon said of the new adjusted-profit
outlook.
Verizon said it believes total wireless-service revenue will
grow at least 2% in the fourth quarter compared with last year.
It also said capital spending is now expected to be at the
higher end of its $17.5 billion to $18.5 billion range.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
October 21, 2020 08:15 ET (12:15 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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