Verizon beats estimates on lockdown boost to phone, internet services

Revenue in Verizon's media unit, which includes Yahoo, HuffPost and TechCrunch, declined 24.5% in the second quarter

Verizon Communications Inc on Friday beat estimates for second-quarter profit and revenue on strong demand for its phone and internet services as coronavirus-induced lockdowns prompted a rapid shift to remote working and learning.

Although stay-at-home orders cut down store visits, limiting new sign-ups in a quarter that was almost entirely spent under lockdown rules, a pick up in demand for internet services helped the company add more phone subscribers who pay a monthly bill.

In the second quarter, Verizon added 173,000 postpaid phone customers, well above analysts' average estimate of 61,200, according to research firm FactSet.

Total operating revenue fell