- Verizon Communications Inc. (NYSE: VZ) has withdrawn its full-year revenue outlook today
Verizon Communications Inc. (NYSE: VZ) has withdrawn its full-year revenue outlook today as the company reported it lost 68,000 phone subscribers who pay a monthly bill in the first quarter.
And Verizon’s store closures have been one of the biggest reasons why the company saw a drop in customer activity and device volumes for the quarter.
Verizon stopped selling phones in its stores and has been encouraging customers to buy devices online.
Verizon also reported a postpaid phone churn of 0.82% in the first quarter compared to 0.84% in the same period last year, according to Reuters.
And Verizon also lowered its full-year adjusted earnings per share outlook to growth of 2% and a fall of 2%. Earlier the company said it was expecting growth of 2% to 4%. Capital expenditure guidance is maintained at $17.5 billion to $18.5 billion.
The total operating revenue for Verizon decreased 1.6% to $31.6 billion from a year earlier.
Verizon is going to continuing rolling out its 5G networks. And Verizon is going to continue making improvements to the 4G networks.
The VerizonMedia division took a hit as revenues were $1.7 billion, which is down 4% year-over-year. This is largely due to a major drop in advertising spend due to the economic crisis. The VerizonMedia brands include Yahoo.com, TechCrunch, Engadget, Rivals.com, Autoblog, and The Huffington Post.
