Sector: Communication Services|Industry: Telecom Services|Market Cap: $177.14B|Employees: 105.4K
Verizon Communications Inc. is a leading global provider of communications, technology, information, and entertainment products and services. The company's core business model revolves around offering wireless and wireline services to consumers and businesses, generating revenue through subscriptions, equipment sales, and network access. Verizon holds a strong market position in the U.S. and has a significant geographic presence.
Total operating revenues increased slightly to $32.981 billion for the three months ended March 31, 2024, compared to $32.912 billion for the same period in 2023, representing a 0.2% increase. This was driven by a slight increase in service revenues.
Net income decreased to $4.722 billion for the three months ended March 31, 2024, compared to $5.018 billion for the same period in 2023. This decrease is driven by a decrease in operating income and an increase in interest expense.
Interest expense increased to $1.635 billion for the three months ended March 31, 2024, compared to $1.207 billion for the same period in 2023. This increase in interest expense contributed to the decrease in net income.