Verizon posted a strong second quarter as it beat the predictions. Earlier, market analysts had announced that Verizon’s Q2 results could be low cast this quarter. But with great operational performance, the company has posted good results.
“Through extraordinary circumstances, Verizon delivered a strong operational performance in the second quarter,” said Chairman and CEO Hans Vestberg.
The telecom giant reported an Earnings Per Share (EPS) of $1.13 in Q2 2020 compared to $0.95 in Q2 of 2019. It’s non-GAAP Q2 2020 EPS, which excluded special items was $1.18 compared to $1.23 in Q2 2019. This is a minor dip in results but it was expected to come in short.
The company also reported that its consolidated revenues were $30.4 billion; down 5.1% from Q2 2019. The decline was primarily because of reduced store-engagement due to the on-going pandemic which was expected to affect the company’s business severely. The company’s Total Consumer revenues were $21.1 billion in Q2 2020 which decreased 4% year over year.
But the company has seen a good cash flow in the first half of 2020 as its operations brought in $23.6 billion. It is a $7.7 billion increase from the first half results from 2019.