Telecom giant Verizon Communications (NYSE: VZ) reported a modest decline in fourth-quarter revenues, reflecting the disruption caused by the pandemic. Adjusted earnings, meanwhile, increased year-over-year and exceeded the market’s forecast.
Operating revenues dropped slightly to $34.7 billion, which was broadly in line with the consensus estimate. Adjusted earnings rose to $1.21 per share from $1.13 per share last year. Earnings also exceeded analysts’ estimates. Unadjusted profit was $1.11 per share, down from $1.23 per share recorded in the fourth quarter of 2019.
Verizon’s stock declined early Tuesday following the announcement. It had closed the last trading session higher.
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