Telecom giant Verizon Communications (NYSE: VZ) reported a decline in third-quarter revenues, reflecting the disruption caused by the pandemic. Adjusted earnings, meanwhile, remained unchanged year-over-year and exceeded the market’s forecast.
Operating revenues dropped 4.1% annually to $31.5 billion, which was broadly in line with the consensus estimate. Adjusted earnings remained unchanged at $1.25 per share. Earnings matched analysts’ estimates. Unadjusted profit was $1.05 per share, down from $1.25 per share recorded in the third quarter of 2019.
Verizon’s stock made modest gains early Wednesday following the announcement. It had closed the last trading session lower.
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