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 decreased slightly from $33,336 million in Q3 2023 to $33,330 million in Q3 2024. This is primarily driven by a decrease in wireless equipment revenues, offset by a slight increase in service revenues.
Net income decreased from $4,884 million in Q3 2023 to $3,411 million in Q3 2024. This decrease is due to a combination of factors, including higher operating expenses and a decrease in other income.
Total operating expenses increased from $25,863 million in Q3 2023 to $27,404 million in Q3 2024. This increase is primarily due to higher selling, general, and administrative expenses.