(Reuters) – Verizon Communications Inc (VZ.N) withdrew its full-year revenue outlook on Friday as it lost 68,000 phone subscribers who pay a monthly bill in the first quarter amid lockdowns that closed 70% of its stores.
FILE PHOTO: A man stands next to the logo of Verizon at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez/File Photo
It led to a significant drop in customer activity and device volumes in the quarter, the telecom operator said. In addition to store closures, the company stopped selling phones in its stores and encouraged customers to buy devices online. Analysts expected Verizon to gain just 100 subscribers in the quarter ended March 31, according to research firm FactSet.
Much like AT&T Inc (T.N), which withdrew its entire 2020 guidance because of headwinds from the coronavirus impacts, Verizon also said that it would nix its consolidated revenue guidance.
The company also cut its full-year adjusted earnings per share outlook…
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