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1/26, 1:09 PM (Source: TeleTrader)
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Verizon's EPS down 10% to $1.11 in Q4

Verizon Communications Inc. reported that its earnings per share (EPS) in the fourth quarter of 2020 stood at $1.11, dropping 10% from the same period a year earlier.

Revenue was down 0.2% year on year to $34.7 billion but still came in above estimates, while net income fell 9.6% to $4.7 billion. For full-year 2020, the telecommunications company's EPS slid 7.5% to $4.30, while revenue for the 12-month period declined 2.7% year on year to $128.3 billion.

"Verizon finished the fourth quarter with strong financial performance," CEO Hans Vestberg stated. "2020 was marked by transformational change, including the launch of our 5G nationwide network. We witnessed a mass shift toward virtual collaboration, touchless retail and delivery, remote work, distance learning, and telemedicine," he added.

Verizon's shares lost 0.21% in premarket trading after the results were announced.

Breaking the News / NP