Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing. The telecom giant's Verizon Media unit posted a 25 percent revenue decline "primarily as a result of COVID-19 related impacts." Revenue fell 5.1% to $30.4 billion in the three months ended June 30, the company said. The company said that Verizon Media "has continued to drive increased customer engagement on its owned and operated properties" in its earnings release, but didn’t describe much else. Verizon Communications (VZ) reported second-quarter earnings and revenue that edged by lowered expectations as the Covid-19 lockdown impacted its wireless and media businesses. In the Verizon earnings report, consumer unit revenue fell 4% to $21.1 billion. Ownership data provided by Refinitiv and Estimates data provided by FactSet. The Verizon Media unit, which includes the likes of Yahoo, AOL and HuffPost, posted revenue for the second quarter of $1.4 billion, down 24.5 percent from the year-ago period. Wireless service revenue fell 1.7% to $15.9 billion vs. consensus estimates of $13.18 billion.

Gold mid-year outlook 2020: Recovery paths and impact on performance, Futures Tilt Higher After Indexes Fall For Third Straight Day. Verizon Media revenue plunged over 24% to $1.4 billion. Verizon stock climbed 1.8% to close at 56.85 on the stock market today. Authors may own the stocks they discuss. The firm said this was "primarily as a result of COVID-19 related impacts.". Verizon’s goal was to expand beyond its telecommunications roots and into the digital media space, where it could diversify its revenue. Verizon Media (formerly Oath) is a company operating media, technology, and communication brands. Adjusted earnings per share fell from $1.23 to $1.18, but came in ahead of analysts' expectations. Why it matters: Lyft's business has been hard hit by the coronavirus pandemic as people stay home.
The big picture: The contrast reflects one of the big questions about Trump that's before Americans as they vote — Are you captivated, or are you exhausted? Verizon, which temporarily closed its retail stores, said that at the end of June roughly 60 percent of its stores were open. © 2020 The Hollywood Reporter The company uses technologies like XR, AI, machine-learning, and 5G and specializes in digital advertising, advertising platforms, search advertising, and subscription arrangements. © 2000-2020 Investor's Business Daily, Inc. All rights reserved. A Verizon store in New York. Which Stocks Are Showing Rising Relative Strength? Biden Vs. Trump Poll: Joe Biden's Lead Dips, But Donald Trump Stuck At 42%, IBD/TIPP Shows. Sprint Merger Synergies And 5G Wireless Are Key, Is Verizon Stock A Buy? Catch up on coronavirus stories and special reports, curated by Mike Allen everyday, Lyft beats Wall Street expectations for Q2, Twitter changes hacked materials rules after banning N.Y. Post story. A year earlier, Verizon earned $1.23 a share on revenue of $32.07 billion. Why it matters: Verizon was counting on its media unit to bring in billions of dollars of ad dollars and compete with the likes of Google and Facebook. Why it matters: The tech giant faced swift backlash from conservatives that its actions were biased and that its enforcement of its hacked materials policy was not consistent. Further, Verizon said it added 76,000 postpaid wireless phone subscribers vs. analyst estimates for a 100,000 loss. The Hollywood Reporter, LLC is a subsidiary of Prometheus Global Media, LLC. Verizon stock has a Relative Strength Rating of only 34 out of a possible 99. Twitter will be changing its hacked materials policy in response to the feedback it received for limiting the circulation of a New York Post story about Hunter Biden. This earnings season is covering results for companies' second quarter of 2020, which includes the first full three months worth of pandemic fallout. Realtime quote and/or trade prices are not sourced from all markets. Photo: Alex Tai/SOPA Images/LightRocket via Getty Images. Total Verizon Media revenues were $1.4 billion, down 24.5 percent year over year, primarily as a result of COVID-19 related impacts. Media results. "We’re pausing our advertising until Facebook can create an acceptable solution that makes us comfortable and is consistent with what we’ve done with YouTube and other partners. Get these newsletters delivered to your inbox & more info about our products & services. Our big webinar sale is here: Get 2 months of IBD Digital for $12 or get 2 weeks of IBD Live free! Its portfolio includes Yahoo, TechCrunch, HuffPost, Yahoo Sports, Yahoo Finance, Yahoo Mail, MAKERS, BUILD, etc. BREAKING: Futures Tilt Higher After Indexes Fall For Third Straight Day. Management had previously said that the deal has exceeded the firm's expectations. Outlook and guidance. Lyft Wednesday posted narrower losses and higher revenue than expected for the second quarter, though revenue did fall 61% from the same period last year.

Verizon Media has continued to drive increased customer engagement on its owned and operated properties. Get market updates, educational videos, webinars, and stock analysis. Verizon, led by CEO Hans Vestberg, did not say on Friday how many of its users have taken advantage of the telecom giant's deal with Walt Disney's Disney+ streaming service. Learn how you can make more money with IBD's investing tools, top-performing stock lists, and educational content. What Does 5G Demand In China, South Korea Mean For Apple's iPhone Launch? Get instant access to exclusive stock lists, expert market analysis and powerful tools with 5 weeks of IBD Digital for only $5! Which financial companies are the most trusted according to investors? Verizon Media revenue plunged over 24% to $1.4 billion. Investor worries include small business closings amid the coronavirus emergency as well as rising bad debt expense in the consumer sector. ", Vestberg said in Friday's earnings report: "We remain focused on our strategic direction as a technology leader, quickly adapting to the new environment and providing our customers with reliable and vital connections and technology services, while working to keep our employees safe and accelerating our 5G network deployment. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Get analysis of large-cap stocks... Today's Biden vs. Trump poll from IBD/TIPP finds Joe Biden holding a solid 7.7-point lead over Donald Trump, but his 2020 election support may be slipping. Its latest earnings suggest it is nowhere near its previously stated goal of bringing in $10 billion annually from the division. Business unit revenue slipped 3.7% to $7.5 billion. Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. Why it matters: Verizon was counting on its media unit to bring in billions of dollars of ad dollars and compete with the likes of Google and Facebook.It was already struggling to make that a reality even before the pandemic hit. Hear David Barse share his thoughts on a unique investment strategy—identify the losers first. Verizon earnings for the June quarter were $1.18 an adjusted share, including a 4-cent tax benefit. It was already struggling to make that a reality even before the pandemic hit. | Cookie Settings. Click here to find out! T-Mobile Stock Pops On Earnings, Updated Outlook On Sprint Merger, Dow Jones Resilient Despite Intel Sell-Off; 5 Top Growth Stocks Test Key Support Level. Looking for stocks to buy? Verizon has reopened most wireless retail stores.

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