Verizon profit beats estimates on remote working boost
The health crisis has brought global economies to a halt, but the telecom sector has been relatively less affected
(Reuters) - Verizon Communications Inc beat estimates for third-quarter profit on Wednesday, helped by strong demand for its phone and internet services as offices and schools continued to operate virtually amid the COVID-19 pandemic.
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The health crisis has brought global economies to a halt, but the telecom sector has been relatively less affected. With lockdowns easing, Verizon gradually reopened all of its company-operated retail stores in the quarter, implementing touch-less retail, appointments and curbside pickups.
Verizon added 283,000 postpaid phone subscribers in the third quarter, above the average estimate of 268,000, according to research firm FactSet.
Total operating revenue fell 4.1% to $31.54 billion, which the company attributed to lower customer activity and the timing of certain device launches.
Apple Inc, one of Verizon's key partners, has delayed the launch of its new iPhones by about a month this year.
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Revenue in Verizon’s media unit, which includes Yahoo, HuffPost and TechCrunch, declined 7.4% in the quarter to $1.7 billion from a year earlier as companies cut down on advertising to rein in expenses.