Recap: Verizon Communications Q3 Earnings

Shares of Verizon Communications VZ rose 0.5% in pre-market trading after the company reported Q3 results.

Quarterly Results

Earnings per share were flat 0.00% year over year to $1.25, which beat the estimate of $1.22.

Revenue of $31,543,000,000 declined by 4.11% year over year, which missed the estimate of $31,590,000,000.

Looking Ahead

Earnings guidance hasn't been issued by the company for now.

Revenue guidance hasn't been issued by the company for now.

How To Listen To The Conference Call

Date: Oct 21, 2020

Time: 08:30 AM

ET Webcast URL: https://www.verizon.com/about/investors/third-quarter-2020-earnings

Price Action

Company's 52-week high was at $62.22

Company's 52-week low was at $48.84

Price action over last quarter: Up 1.64%

Company Description

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.