By Micah Maidenberg
Verizon Communications Inc. reported weaker third-quarter sales and a smaller profit, in part due to a drop in revenue tied to wireless equipment.
Verizon on Wednesday said profit fell to $4.5 billion, or $1.05 a share, from $5.34 billion, or $1.25 a share, for the year-earlier period.
Selling, general and administrative expenses rose 1.7% year over year, while Verizon's cost of services were up 0.7%.
In its consumer business, Verizon said it saw a significant decrease in revenue tied to wireless equipment due to reduced customer activity. Total consumer revenues were down 4.3%.
It estimated that the Covid-19 pandemic sliced out 5 cents from its earnings per share.
The company reported an adjusted profit of $1.25 a share, or 3 cents ahead of what analysts had been looking for on that metric.
Total revenue dropped 4.1%, to $31.54 billion. Analysts polled by FactSet had predicted $31.59 billion for the latest period.
The company reported it added 283,000 postpaid phone connections for the quarter on a net basis.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
10-21-20 0809ET