With its newly released second-quarter report, the company says its loss of 81,000 pay-TV subscribers is in addition to a loss of 84,000 in the first quarter, the Hollywood Reporter notes. Verizon saw a year-over-year decline in revenue for the quarter, from $32.1 billion to $30.4 billion, which it said took a hit because of a decrease in device sales. Overall, Verizon’s net income rose 18.9 percent to $4.84 billion, or $1.13 a share, for the quarter ended June 30. It says it expects customers in the Keep Americans Connected Pledge will keep their service“We’re encouraged by what we’ve seen, and we expect the vast majority to be Verizon customers a year from now,” Ellis said. Verizon said this was “primarily as a result of COVID-19 related impacts.” While noting that revenue improved a bit in June as the lockdowns abated, Verizon still expects a revenue loss in the teens for the third quarter.Explaining its five percent revenue loss, the company said, “This decline was primarily the result of significant declines in wireless equipment revenue in the consumer and business segments, primarily due to limited in-store engagement and the impact of COVID-19 on customer behavior.” Some of the losses can be traced to the company’s closing of many brick-and-mortar retail stores during the pandemic.Verizon has reported a loss of 81,000 pay-TV subscribers for its FiOS service which is on top of a 25 percent decline in revenue for its media unit.Vestberg said in Friday’s earnings report: “We remain focused on our strategic direction as a technology leader, quickly adapting to the new environment and providing our customers with reliable and vital connections and technology services, while working to keep our employees safe and accelerating our 5G network deployment. Verizon Media, the segment that owns such media outlets as Huff Post, Engadget, and Yahoo, posted revenue of $1.4 billion, down 24.5 percent from the second quarter the year before.
Verizon Communications Inc. is one of the largest communication technology companies. Verizon annual revenue for 2019 was $131.868B, a 0.77% increase from 2018. We have embraced, engaged in, and responded to important social movements happening throughout the world, and will continue to be at the forefront of initiatives that move the world forward for everyone.”The telecom company did note that as the pandemic hit, forcing many to shelter in their homes, its video game services saw growth and were up 75 percent in peak hours. Sixty percent of its retail locations were reopened open by the end of the second quarter and most will be reopened by the end of this month, the company said.
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