Verizon Communications 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 per cent of its stores.
It led to a significant drop in customer activity and device volumes in the quarter, the 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 on March 31, according to research firm FactSet.
Much like AT&T, 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 maintained its capital expenditure guidance of $17.5 billion (Dh64.23bn) to 18.5bn, which was raised by $500 million in March.
The number one US wireless company said that it would use its capital expenditure to continue to roll out 5G, the next generation of wireless, and improve its 4G network. The company said the virus reduced its earnings by 4 cents per share in the first quarter.
Verizon Media, which owns Yahoo and TechCrunch, saw the brunt of the pandemic's effects as advertising spending came to a complete halt.
Verizon Media revenues were $1.7bn, down 4 per cent year-on-year. The company said that it saw increased engagement on its media platforms, but advertising rates have declined.
Last week, Verizon acquired Zoom video conferencing rival BlueJeans as more people are forced to work from home during the coronavirus pandemic.
In the first quarter, Verizon earned $1.26 per share, above the analysts' average estimate of $1.22, according to IBES data from Refinitiv.
Total operating revenue for the wireless carrier fell 1.6 per cent to $31.6bn from a year earlier.
Analysts had expected a revenue of $32.27bn.
Analysts expect to see much of the Covid-19's impact on Verizon's businesses in the second quarter.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
SPECS
%3Cp%3EEngine%3A%20Twin-turbocharged%204-litre%20V8%3Cbr%3EPower%3A%20625%20bhp%3Cbr%3ETorque%3A%20630Nm%3Cbr%3EOn%20sale%3A%20Now%3Cbr%3EPrice%3A%20From%20Dh974%2C011%3C%2Fp%3E%0A
KILLING OF QASSEM SULEIMANI
More on Quran memorisation:
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
