AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Business & Finance

Verizon pulls 2020 revenue view as lockdowns result in wireless subscriber loss

Analysts expected Verizon to gain just 100 subscribers in the quarter ended March 31, according to research firm Fa
Published April 24, 2020
  • Analysts expected Verizon to gain just 100 subscribers in the quarter ended March 31, according to research firm FactSet.
  • Verizon's earned $1.26 per share, above analysts' average estimate of $1.22, according to IBES data from Refinitiv.

Verizon Communications Inc withdrew its full-year revenue outlook on Friday as it lost 68,000 phone subscribers who pay a monthly bill in the first quarter amid lockdowns that closed 70pc of its stores.

It led to a significant drop in customer activity and device volumes in the quarter, the telecom operator said.

Analysts expected Verizon to gain just 100 subscribers in the quarter ended March 31, according to research firm FactSet.

The company also cut its full-year adjusted earnings per share outlook to between a growth of 2pc and a fall of 2pc. It had earlier expected a growth of 2pc to 4pc.

In the first quarter, Verizon's earned $1.26 per share, above analysts' average estimate of $1.22, according to IBES data from Refinitiv.

The company, which plans to stay committed in investing in 5G network, said the virus reduced its earnings by 4 cents per share in the first quarter.

Total operating revenue for the wireless carrier fell 1.6pc to $31.6 billion from a year earlier.

Analysts had expected revenue of $32.27 billion.

Comments

Comments are closed.