Telecom giant Verizon on Friday reported that it lost 81,000 net pay TV subscribers for its FiOS consumer video service in the second quarter, compared with a loss of 52,000 in the year-ago period and a loss of 84,000 in the first quarter. Second-quarter earnings rose from $3.9 billion, or 95 cents per share, to $4.7 billion, or $1.13 a share. Overall second-quarter revenue fell 5 percent to $30.4 billion, exceeding Wall Street estimates. by TWITTER All rights reserved. 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 has reopened most wireless retail stores. Verizon also added 10,000 net customers for the FiOS internet service, which after a 59,000 customer gain in the first quarter was affected by "temporary restrictions put in place on work inside customers' homes." Verizon’s Oath internet media businesses — anchored by Yahoo and AOL — lost steam in the third quarter of 2018. About Our Ads Revenue fell 5.1% to $30.4 billion in the three months ended June 30, the company said. Our big webinar sale is here: Get 2 months of IBD Digital for $12 or get 2 weeks of IBD Live free! Catch up quick: Verizon Media, formerly Oath, was created in 2017 through roughly $10 billion in acquisitions of companies like AOL and Yahoo. Tonight's dueling town halls were like a choose-your-own-ending book, letting us peer into the future and see what the two election outcomes would be like. Verizon’s goal was to expand beyond its telecommunications roots and into the digital media space, where it could diversify its revenue. That meant the company ended June with a total of 5.97 million internet subscribers. It was already struggling to make that a reality even before the pandemic hit. Get market updates, educational videos, webinars, and stock analysis. 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. BREAKING: Futures Tilt Higher After Indexes Fall For Third Straight Day. 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. Outlook and guidance. Which financial companies are the most trusted according to investors? Authors may own the stocks they discuss. Investor worries include small business closings amid the coronavirus emergency as well as rising bad debt expense in the consumer sector. The telecom giant's Verizon Media unit posted a 25 percent revenue decline "primarily as a result of COVID-19 related impacts." The company expects wireless service revenue growth in the September quarter of -1% to flat year over year. Verizon Media said Friday that its revenue dropped 24.5% year-over-year in the second quarter to $1.4 billion amid the coronavirus pandemic. 4:38 AM PDT 7/24/2020 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. Georg Szalai Verizon recently joined the growing #StopHateForProfit campaign, with the telecom giant pledging to pull its ads from Facebook and its Instagram. A year earlier, Verizon earned $1.23 a share on revenue of $32.07 billion. *Real-time prices by Nasdaq Last Sale. The Hollywood Reporter, LLC is a subsidiary of Prometheus Global Media, LLC. "This decline was primarily the result of significant declines in wireless equipment revenue in the consumer and business segments, primarily due to limited in-store engagement and the impact of COVID-19 on customer behavior," the company said. "We have strict content policies in place and have zero tolerance when they are breached, we take action," Verizon’s chief media officer John Nitti said in a statement. Sitemap | 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. Verizon Media has continued to drive increased customer engagement on its owned and operated properties. Biden Vs. Trump Poll: Joe Biden's Lead Dips, But Donald Trump Stuck At 42%, IBD/TIPP Shows. Photo: Alex Tai/SOPA Images/LightRocket via Getty Images. Nationwide 5G Launch Key For Wireless Business, Verizon To Acquire Prepaid Wireless Firm Tracfone From America Movil, This Dow Jones Stock Boosts Dividend; Offers More Than Double Yield Of S&P 500. Click here to find out! Adjusted earnings per share fell from $1.23 to $1.18, but came in ahead of analysts' expectations. Its latest earnings suggest it is nowhere near its previously stated goal of bringing in $10 billion annually from the division. Verizon stock has a Relative Strength Rating of only 34 out of a possible 99. Verizon Media (formerly Oath) is a company operating media, technology, and communication brands. The information and content are subject to change without notice.
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