Credit: REUTERS/BRENDAN MCDERMID(Adds segment results, compares wuth estimates)
July 24 (Reuters) - Verizon Communications Inc
Although stay-at-home orders cut down store visits, limiting new sign-ups in a quarter that was almost entirely spent under lockdown rules, a pick up in demand for internet services helped the company add more phone subscribers who pay a monthly bill.
In the second quarter, Verizon added 173,000 postpaid phone customers, above analysts' estimates of 61,200 additions, according to research firm FactSet.
Total operating revenue fell 5.1% to $30.4 billion but beat the analysts’ average estimate of $29.93 billion, according to IBES data from Refinitiv. [ nGNX1sZVzg]
The company said that the fall in revenue was due to a decline in wireless equipment revenue in the quarter, hurt by lockdown-led store closures.
Revenue in Verizon's media unit, which includes Yahoo, HuffPost and TechCrunch, declined 24.5% to $1.4 billion from a year earlier as companies cut down on advertising to rein in expenses. (Reporting by Neha Malara; Editing by Shounak Dasgupta and Saumyadeb Chakrabarty) ((Neha.Malara@thomsonreuters.com)) Keywords: VERIZON RESULTS/ (UPDATE 1)
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