Remote working boosts Verizon profit past targets

BROADCAST AND DIGITAL RESTRICTIONS~**

Broadcasters: NONE Digital: NONE*~

Working form home drove up demand for phone and internet services, boosting Verizon’s quarterly profit past analysts estimates on Wednesday.

The company added 283,000 phone subscribers who pay monthly bills in the quarter, blowing past Wall Street’s targets. hat boosted its wireless service revenue. Telecom companies have been less affected by the health crisis as more companies operate virtually. Verizon has gradually reopened all of its company-operated retail stores. It has implemented touch-less retail, appointment scheduling and curbside pickups.

But Verizon is not immune from the downturn, and despite beating forecasts, the numbers were still down compared with last year. Quarterly profit fell. So did operating revenue, which the company blamed on lower customer activity and the timing of certain device launches.

One of its key partners, Apple, delayed the launch of its new iPhones by about a month this year. And revenue from Verizon’s media unit that houses brands such as Yahoo and HuffPost dropped 7.4% as companies reduced advertising.

Looking ahead, Verizon projects further growth in wireless service revenue, and the company raised the bottom end of its earnings guidance range for the full year.

Verizon shares edged higher in early trading Wednesday, whittling away at their nearly 7% decline this year.