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 $32.8 billion, up from $32.6 billion year-over-year, primarily driven by a rise in service revenues, which offset a decrease in wireless equipment revenues. This indicates a shift towards service-based income.
Operating expenses decreased to $25.0 billion from $25.4 billion year-over-year, but operating income only saw a modest increase to $7.8 billion from $7.2 billion. This suggests that while cost-cutting measures are in place, they are not significantly improving profitability.
Net income remained relatively stable at $4.7 billion, compared to $4.8 billion in the prior year, indicating that despite slight revenue gains and cost reductions, overall profitability has not significantly improved.