Verizon Communications Inc. (Verizon) reported mixed financial results for the quarter ended June 30, 2024. The company's Consumer segment saw a slight revenue increase of 1.5% to $24.9 billion, and 1.2% to $50.0 billion for the six-month period, compared to the same periods in 2023. This was attributed to growth in service and other revenues, despite a decline in wireless equipment revenue. The Business segment, however, experienced a revenue decrease of 2.4% to $7.3 billion for the quarter and 2.0% to $14.7 billion for the six-month period, primarily due to declines in Enterprise and Public Sector and Wholesale revenues. Overall, consolidated operating revenues increased marginally by 0.6% to $32.8 billion for the quarter and 0.4% to $65.8 billion for the six-month period. Capital expenditures for the first half of 2024 were $8.1 billion...Show More

Verizon Communications Inc. (Verizon) reported mixed financial results for the quarter ended June 30, 2024. The company's Consumer segment saw a slight revenue increase of 1.5% to $24.9 billion, and 1.2% to $50.0 billion for the six-month period, compared to the same periods in 2023. This was attributed to growth in service and other revenues, despite a decline in wireless equipment revenue. The Business segment, however, experienced a revenue decrease of 2.4% to $7.3 billion for the quarter and 2.0% to $14.7 billion for the six-month period, primarily due to declines in Enterprise and Public Sector and Wholesale revenues. Overall, consolidated operating revenues increased marginally by 0.6% to $32.8 billion for the quarter and 0.4% to $65.8 billion for the six-month period. Capital expenditures for the first half of 2024 were $8.1 billion, a decrease from $10.1 billion in the prior year, mainly due to the completion of the C-Band deployment. Verizon continues to focus on enhancing and monetizing its networks and solutions, retaining and growing its customer base, and improving financial and operating performance. The company is investing significantly in wireless spectrum, network capacity, fiber infrastructure, and advanced technology systems. Verizon's future plans include continuing to build its 5G network, adding capacity to its 4G LTE network, and leveraging its networks for Fixed Wireless Access (FWA) broadband service. The company also announced a Voluntary Separation Program for select management employees, with notifications to be sent in August 2024 and a related severance charge expected in the third quarter of 2024.