Verizon Posts Slight Earnings Loss, Gives Free Data for May

New York City based Verizon Communications Inc’, announced its first quarter earnings and gave bonus data to its customers to help its customers shelter in place during the Covid-19 Pandemic.

Telecom giant Verizon, posted a slight loss in earnings for the first quarter of 2020, with Total revenue of $21.8 billion, a decrease of 1.7 percent from the first quarter of 2019. Verizon’s total business revenue totaled $7.7 billion, a decrease of 0.5 percent from the same period in 2019.

The end of the first quarter of 2020 included the start of the covid -19 global pandemic that closed countries including the United States and forced customers to pause projects and business deals. The stock market was adversely affected. Verizon’s stock prices saw small declines but remained steady during the period.

In spite of its losses, Verizon has extended 15 GB additional data t its customers for free during the month of May. The company previously gave 15 GB of additional data to customers during the month of April.

 “Verizon began 2020 with strong operational performance,” Verizon Chairman and CEO Hans Vestberg said. “In an unprecedented time, Verizon took decisive and balanced actions that will serve our stakeholders in the long term, including protecting our employees, maintaining our network quality and reliability, serving our customers, and supporting our communities. We will emerge from this crisis stronger, knowing we provided critical connectivity to our customers, and especially our first responders, while maintaining our commitment to investing in our 5G and Fiber strategies. We are particularly proud of our employees who continue to deliver essential services to our customers and those on the front lines so they can serve others.”