Recap: Verizon Communications Q2 Earnings

Shares of Verizon Communications VZ fell 0.2% in pre-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share fell 4.07% year over year to $1.18, which beat the estimate of $1.15.

Revenue of $30,400,000,000 declined by 5.21% year over year, which beat the estimate of $29,930,000,000.

Outlook

Verizon said it expects FY20 adjusted EPS down 2% to up 2%.

Details Of The Call

Date: Jul 24, 2020

Time: 08:30 AM

ET Webcast URL: https://www.verizon.com/about/investors

Price Action

52-week high: $62.22

52-week low: $48.84

Price action over last quarter: down 3.13%

Company Overview

Verizon is now primarily a wireless business (70% of revenue and nearly all operating income). It serves about 89 million postpaid and 4 million prepaid phone customers and connects another 24 million data devices, like tablets, via its nationwide network, making it the largest U.S. wireless carrier. Fixed-line telecom operations include local networks (12% of revenue) in the Northeast, which reach about 25 million homes and businesses, and nationwide enterprise services (10%). Recent investments, including fiber network construction, have supported the wireless business in addition to expanding traditional fixed-line capabilities. Verizon Media Group, the online media and advertising firm formed with the acquisitions of AOL and Yahoo, provides the remainder of revenue.