Verizon’s Q3 numbers top Wall Street’s expectations
For example, the iPhone 12 and the iPhone 12 Pro pre-orders began on October 16th and those devices will launch on October 23rd. The iPhone 12 mini and the iPhone 12 Pro Max will both start pre-orders on November 6th with the release date for both models taking place exactly one week later on November 13th. All four new models support Verizon’s national 5G network and its Ultra Wideband mmWave service. For the quarter, Verizon’s wireless service revenue rose to $16.4 billion, up 0.3% on a year-over-year basis. Retail postpaid phone churn was .69%.
“We continue to demonstrate our strength and resilience by delivering very strong third quarter financial results,” said Verizon Chairman and CEO Hans Vestberg. “We are energized by the transformational technology that our 5G Ultra Wideband and 5G nationwide bring. Our purpose-driven culture paired with our network leadership will shape the future, for the better.”
Verizon’s media units, which include apps such as Huffington Post, Yahoo, and Tech Crunch, saw revenue decline by 7.4% during the quarter to $1.7 billion as companies cut their advertising budgets due to drops in demand from the pandemic.
Verizon customers purchased less wireless equipment than they did during last year’s Q3 dropping consumer revenue for the period by 4.3% on an annual basis to $21.7 billion bucks. Total operating revenue amounted to $31.54 billion, an annual decline of 4.1% and total earnings per share (EPS) came to $1.05 for the quarter compared to EPS of $1.25 during the same quarter last year. COVID-19 took 5 cents a share off of the carrier’s EPS number during the quarter. Excluding extraordinary items, Verizon reported net of $1.25 a share topping Wall Street forecasts of $1.22. Verizon expects to report total wireless service revenue growth of at least 2 percent on an annual basis for the fourth quarter.
The earnings report didn’t have much of an effect on the Street that they call Wall. During regular trading hours, Verizon closed 50 cents or .87% lower at $56.75. The shares dropped 19 cents or .33% after the report was released.
With more stores coming back online, the launch of Verizon’s nationwide 5G, and Apple’s release of the 5G iPhone 12 series, the fourth-quarter numbers are bound to be stronger for Big Red. We should see that report released during the third week of January.
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