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.
Production disruption and logistics issues continue to have a crippling effect on the industrial sector but the performance of companies, in general, has been mixed so far. Fastenal Company (NASDAQ:
Netflix, Inc. (NASDAQ: NFLX) Thursday said it added 8.3 million paid members in the December quarter. Revenues increased and matched estimates, aided by the relaxation of COVID restrictions and resumption
Investment management firm Charles Schwab Corporation (NYSE: SCHW) has stayed largely unaffected by the coronavirus crisis, rather it managed to tap into new opportunities. The company owes its impressive financial