Verizon (NYSE:VZ) earnings for the second quarter of fiscal year 2020 have VZ stock climbing on Friday. This comes after reporting adjusted earnings per share (EPS) of $1.18, which beat out Wall Street’s estimate of $1.15. Also, the wireless company’s revenue of $30.45 billion is above analysts’ estimates of $29.93 billion for the quarter.
Moreover, the company reported GAAP EPS of $1.13 for the period.
Now, let’s take a closer look at the most recent Verizon earnings report.
- Adjusted per-share earnings are down 4.1% from $1.23 during the same time last year.
- Revenue comes in 5.1% lower than the $32.07 billion from the first quarter of 2019.
- Operating income of $7.36 billion is a 6.2% decline year-over-year from $7.85 billion.
- The Verizon earnings report also includes a net income of $4.84 billion.
- That’s a 18.9% jump from the company’s net income of $4.07 billion in the same period of the year prior.
Hans Vestberg, chairman and CEO of Verizon, said this in the earnings report:
“Through extraordinary circumstances, Verizon delivered a strong operational performance in the second quarter. We remain focused on our strategic direction as a technology leader, quickly adapting to the new environment and providing our customers with reliable and vital connections and technology services, while working to keep our employees safe and accelerating our 5G network deployment. We have embraced, engaged in and responded to important social movements happening throughout the world, and will continue to be at the forefront of initiatives that move the world forward for everyone.”
Verizon also reiterated its EPS outlook for 2020 in light of the novel coronavirus. This has it looking for adjusted EPS growth between -2% to 2%. The previous guidance was for 2020 adjusted EPS growth of 2% to 4%.
VZ stock was up almost 1.6% as of Friday afternoon.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.