Verizon Q1 revenues drop 1.6% to USD31.6bn

28 Apr 2020

US telecoms giant Verizon Communications has reported total consolidated operating revenues of USD31.6 billion for the three months ended 31 March 2020, down 1.6% from USD32.1 billion on an annualised basis. Meanwhile, first quarter operating income was reported at USD6.6 billion, down from USD7.7 billion in 1Q19. Finally, net income for 1Q20 was reported at USD4.3 billion, compared to USD5.2 billion generated in the year-ago period.

In operational terms, Verizon’s Consumer unit closed out 31 March 2020 with 93.894 million wireless subscribers, 6.481 million broadband customers and 5.578 million fixed voice users. The telco’s Business unit, meanwhile, claimed 25.658 million wireless subscribers, 501,000 broadband customers and 4.860 million fixed voice accesses.

CEO Hans Vestberg commented: ‘Verizon began 2020 with strong operational performance. In an unprecedented time, Verizon took decisive and balanced actions that will serve our stakeholders in the long term, including protecting our employees, maintaining our network quality and reliability, serving our customers, and supporting our communities. We will emerge from this crisis stronger, knowing we provided critical connectivity to our customers, and especially our first responders, while maintaining our commitment to investing in our 5G and fibre strategies.’

United States, Verizon Communications, Verizon Wireless