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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