Verizon's earnings exceeded expectations despite COVID-19.
Angela Lang / CNET
Verizon's second quarter earnings exceeded analysts' earnings per share and revenue estimates, despite the corona virus pandemic.
In its second quarter report released on Friday morning, the telecommunications giant announced that it had total sales of $ 30.45 billion and earnings per share of $ 1.13. Adjusted for special items, earnings per share were $ 1.18, which was higher than analysts' expectations of $ 1.15, according to Yahoo Finance.
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Analysts had expected sales of $ 29.93 billion for the quarter.
On the wireless side, Verizon said it added 352,000 net postpaid supplements and 287,000 net postpaid smartphone supplements.
Postpaid users or those who pay their phone bills at the end of the month are rated higher by the investment community as a key measure of a carrier's success.
The carrier says 60% of its corporate retail stores reopened after the closure in response to COVID-19. According to Verizon, the 5.1 percent year-on-year decline in sales was "primarily due to limited business exposure and the impact of COVID-19 on customer behavior."
While announcing no new millimeter-wave 5G cities, the airline said it spent $ 9.9 billion in the first half of 2020 to "increase the capacity for traffic growth on Verizon's networks and the provision of additional fiber and mobile sites support "to expand the cities millimeter-wave 5G network of the company.
Verizon's millimeter wave isThe airline announced earlier this year that it plans to expand the service to 60 cities by 2020. The company has previously announced plans to launch a nationwide low-band 5G network later this year, although it has not further elaborated on the exact timing of the new network during Friday's revenue.
Rival AT&T announced on Thursday that it was a low-band 5G networkand meets the Federal Communications Commission standard for a nationwide network. T-Mobile has a .
For Fios, Verizon's home television and broadband offering, the company's consumer segment saw net gains of 10,000 Fios Internet users, but net losses of 81,000 for Fios video service as customers continue to cut cables.