The numbers are really everywhere because of the impact of this virus. In summary, the consumption-based unit contributed revenue of $ 21.1 billion, a 4% year-over-year decrease. Wireless service revenues were up -1.7% to $ 15.9 billion. This number was considerably better than what most analysts were looking for. On the commercial side, sales fell 3.7% to $ 7.5 billion. Perhaps the most notable bright spot is postpaid wireless subscribers, where Verizon added 76,000 accounts compared to a consensus view that called for a 100,000 contraction. Elsewhere, the media industry has really suffered from the downturn. drying up of advertising. This unit only generated $ 1.4 billion, which is a drop of 24%.
This most delicate line concerns Internet subscribers. Verizon reported a net gain of 173K, which includes overdue accounts that were protected through June. Rival AT&T (T) had 338,000 overdue accounts when they declared earlier this week as disconnected. This decision led AT&T to report a net reduction in subscriptions of 151K. Finally, by the end of the quarter, about 60% of Verizon outlets had reopened.
Don’t sell Verizon
I laugh. You can do what you want. I am not selling my Verizon. At least not yet. Looked.
What do we have here? Looks like the same pandemic-induced cut with a handle pattern that is visible all over our universe of stock graphics. The big difference here is that the grip didn’t produce a break, but instead became the left side of an almost perfect double bottom. This moves the pivot up the center of the “W”, and this is where the stock is trading right now. In other words, these stocks are at the pivot and could potentially erupt now.
In the telecommunications world, a break does not mean the stock goes to $ 100. That could mean, however, that the shares jump to $ 65, while paying shareholders $ 2.46 a year just to hang around. Moreover, the next quarterly tranche comes out on August 3 as long as one was a registered shareholder on July 10. That’s a return of 4.4%. All things considered, I have no problem allowing Verizon to take up space on my book, even if it stays there.
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