Verizon (VZ) – Get report It posted better-than-expected Q2 earnings and sales on Friday as stability in its subscriber base linked to people’s need to stay connected through the pandemic helped offset a drop in demand for new hardware. .
The New York-based company said it earned $ 1.18 per adjusted share, down from $ 1.23 per adjusted share a year earlier, but better than the FactSet forecast of $ 1.15 per share. Revenue reached $ 30.4 billion, 5.1% less than the prior-year quarter, although better than analyst estimates of $ 29.93 billion.
A stable subscriber base underpinned by consumer demand to stay connected and online through the pandemic helped drive results, although that was offset by lagging advertising revenue and a drop in wireless equipment sales, ” primarily due to limited store involvement and the impact of Covid-19 on customer behavior. ”
Total wireless service revenue fell 1.7% to $ 15.9 billion. Revenue from wireless consumer services was $ 21.1 billion, a 4% decrease year-over-year, though the figures include impacts related to the reduction in roaming, usage and fee waivers due to Covid-19, the company said. it’s a statement.
On the wireless business segment side, Verizon had total revenues of $ 7.5 billion, a 3.7% drop year-over-year.
In its media business, revenue fell 24.5% from a year earlier, although the company noted “increased customer engagement” in its media properties.
Looking ahead, the company said it is on track for adjusted earnings per share growth of between -2% and 2%, with capital spending in the range of $ 17.5 billion to $ 18.5 billion.
Verizon shares fell 0.27% to $ 55.70 in premarket trading on Friday.
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