Telecom giant Verizon Communications (NYSE: VZ) reported a decline in second-quarter revenues, reflecting the disruption caused by the pandemic. Consequently, earnings decreased 4% annually but came in above the market’s forecast.
Operating revenues dropped 5.1% annually to $30.4 billion, which was slightly above the consensus estimate. Adjusted earnings declined to $1.18 per share from $1.23 per share in the second quarter of 2020. Unadjusted profit was $1.13 per share, up from $0.95 per share recorded a year earlier.
Related: Verizon Q2 2020 Earnings Call Transcript
Verizon’s stock made modest gains early Friday following the announcement. It had closed the last trading session slightly higher.