Sci-tech

Verizon Earnings: Demand for internet services boosts subscriptions

Verizon Earnings: Demand for internet services boosts subscriptions”

That figure included past-due accounts that were still in service under the federal Keep Americans Connected pledge. Of those customers, about 300,000 haven't made payments.

The Keep Americans Connected pledge expired June 30.

"We believe the vast majority of these accounts can be cured over time", Chief Financial Officer Matt Ellis said during a conference call with analysts, though he warned that expectation hinges on the economic environment. AT&T said it was working to retain its customers.

About 1.5 million personal and small-business accounts took advantage of the extra grace period for late payments in the second quarter, Mr. Ellis said, adding that a lot of them made some payment and roughly a third were current by the end of June.

"Through extraordinary circumstances, Verizon delivered a strong operational performance in the second quarter", Verizon Chairman and CEO Hans Vestberg said in the announcement. AT&T said Thursday that it had 338,000 nonpaying customers.

According to FactSet, experts were expecting the company to print £23.42 billion in revenue in the second quarter.

Global Enterprise revenue continued to decline, dropping 3.1 percent to $2.59 billion in revenue in second-quarter 2020 compared wtih $2.67 billion in the second quarter of 2019.

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The New York-based company added a total of 199K postpaid smartphone subscribers, 97K phone subscribers, and 72K retail postpaid subscribers in Q2.

It has been gradually repopening stores and at the end of the quarter more than 60 per cent of company-operated retail stores were open, Verizon said in a statement.

Revenue in Verizon's media unit, which includes Yahoo, HuffPost and TechCrunch, declined 24.5 per cent in the second quarter to US$1.4 billion from a year earlier as companies cut down on advertising to rein in expenses.

Verizon's net income was up in the second quarter from $3.9 billion a year ago to $4.7 billion. Total equipment costs dropped 18%.

When Verizon announced its second quarter earnings Friday, the company revealed that it lost another 81,000 Fios Video subscribers, after losing 84,000 in the first quarter.

For the full year, the American multinational now forecasts its adjusted earnings per share to fall in the range of a 2% decline to a 2% growth.

Executives have also said the essential nature of cellphone and broadband service could benefit earnings. The company in April agreed to buy Blue Jeans Network Inc., a videoconferencing service that targets corporate clients, as the pandemic triggered a work-from-home wave.



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