(Reuters) – Verizon Communications Inc (VZ.N) withdrew its full-year revenue outlook on Friday as it lost 68,000 phone subscribers who pay a monthly bill in the first quarter amid lockdowns due to coronavirus outbreak that closed 70% of its stores.
FILE PHOTO: A man stands next to the logo of Verizon at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez/File Photo
Verizon shares fell 0.5%.
Store closures led to a significant drop in customer activity and device volumes in the quarter, the telecom operator said. The company stopped selling phones in its stores and encouraged customers to buy devices online.
Analysts expected Verizon to gain just 100 subscribers in the quarter ended March 31, according to research firm FactSet.
Verizon reported postpaid phone churn of 0.82% in the first quarter, compared to 0.84% in the same period last year.
Jonathan Chaplin, an analyst at New Street Research, said in a report that lower churn should have…
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