COVID-19 takes 5% chunk out of Verizon revenues

Verizon has reported its financials for the second quarter with revenues declining 5%, a $4.9 billion reduction in debt offered some positivity to proceedings.

With consolidated results hitting $30.4 billion for the three-month period, the team firmly pointed the finger at the coronavirus pandemic for a 5.1% year-on-year decline. The consumer and enterprise business units dipped 4% and 3.7% respectively, while media revenues plummeted 24%.

“Through extraordinary circumstances, Verizon delivered a strong operational performance in the second quarter,” said CEO Hans Vestberg.

“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.

“We have embraced, engaged in and responded to important social movements happening throughout the world, and will continue to be at the forefront of initiatives that move the world forward for everyone. We are proud of what we have done, and continue to do, for our customers, shareholders, employees, and society.”