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  1. Verizon reports 5.3 pct fall in revenue

Verizon reports 5.3 pct fall in revenue

Verizon Communications Inc, the No. 1 U.S. wireless carrier by subscribers, reported a 5.3 percent fall in quarterly revenue as more customers opted for cheaper plans.

By: | Published: July 26, 2016 5:24 PM
Verizon said on Monday it would buy Yahoo Inc's core internet properties for .83 billion in cash to expand its digital advertising and media business. (Reuters) Verizon said on Monday it would buy Yahoo Inc’s core internet properties for .83 billion in cash to expand its digital advertising and media business. (Reuters)

Verizon Communications Inc, the No. 1 U.S. wireless carrier by subscribers, reported a 5.3 percent fall in quarterly revenue as more customers opted for cheaper plans. The company, which suffered a six-week long strike by 40,000 wireline workers during the second quarter, said net income attributable to Verizon fell to $702 million, or 17 cents per share, from $4.23 billion, or $1.04 per share, a year earlier. Total operating revenue fell to $30.53 billion from $32.22 billion. Verizon said on Monday it would buy Yahoo Inc’s core internet properties for $4.83 billion in cash to expand its digital advertising and media business.

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