By Todd Spangler NY Digital Editor Verizon posted first-quarter 2020 revenue of $31.6 billion, down 1.6%, citing the impact of the coronavirus pandemic for the miss on Wall Street expectations.
The top-line decline primarily resulted from “sharp reductions” in wireless equipment revenue, after social distancing measures were adopted in March — prompting Verizon to close 70% of its retail stores.
Verizon estimated COVID-19 reduced Q1 earnings by 4 cents in earnings per share, primarily as the result of customers not paying their bills.
In the quarter, Verizon said “bad debt” expenses increased by $228 million based on the expected number of customers who will seek payment relief under the FCC-led Keep Americans Connected pledge.
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