With the COVID-19 pandemic changing the way the world works, businesses that haven’t adapted to the present-day changes are losing the financial battle. One such company is Verizon that recently lost about 84,000 TV subscribes along with the 68,000 mobile phone postpaid subscribers in the first financial quarter of the year 2020.
The telecom company is continually seeing these effects due to the ongoing COVID-19 issue. In its latest earnings reports, the company mentioned that the shift from traditional video services to the streaming offering has led to massive losses. Although this trend isn’t something new, the widespread prevalence of quarantined individuals is helping push the card for streaming services.
With more than 70 percent of Verizon stores shut down due to the pandemic, the company also mentioned that it saw a rapid decline in the equipment sales. However, the consumer division mentioned the addition of 59,000 consumers for the Fios internet solution.
For the first quarter, the company earned $31.6 Billion in revenue. This was lower than its $32.4 Billion Wall Street forecast for the year. Verizon’s media department posted $1.7 Billion in revenue for its first quarter, which is a significant drop over the years by 4 percent.