Verizon Communications - VZ STOCK NEWS

Verizon Ventures has led a €4 million ($4.5 million) Series A financing round in PICadvanced (PICa), a Portuguese developer of optical solutions for telecom applications. Established in 2014, PICa specializes in NG-PON2 technology, enhancing network capacity and reducing costs per bit. The investment will enable Verizon to enhance its optical access network, crucial for 5G deployments. The NG-PON2 market is projected to grow to over $2 billion by 2024, indicating significant potential for both Verizon and PICa in the telecom sector.

The South Carolina Office of Regulatory Staff has partnered with Verizon to provide discounted Internet access for up to 150,000 K-12 students lacking connectivity at home. This initiative is part of the CARES Act funding and Governor Henry McMaster’s AccelerateSC plan aimed at enhancing distance learning during the pandemic. The program will deliver 4G LTE Internet service and devices, crucial for students to continue education remotely. Verizon's senior vice president highlighted the need for reliable Internet as schools prepare for the upcoming academic year.

Verizon has successfully completed its first 5G global roaming trials, becoming the first US operator to offer a commercially ready 5G global roaming service. Customers traveling to South Korea can use 5G services with compatible devices, achieving average speeds of 252 Mbps downlink and 119 Mbps uplink during trials. This marks a significant step towards global 5G interoperability, with plans for further partnerships in other countries. Verizon aims to leverage its leadership in 5G technology for various industries, enhancing connectivity for consumers and enterprises worldwide.

Verizon Public Sector announced the appointment of Jennifer Chronis as the new head of its Federal business starting in early August. With over 25 years of experience, including a notable role at Amazon Web Services, Chronis has a robust background in partnering with federal agencies to improve efficiency and innovation. She has been recognized as one of the Top 25 DOD Executives to Watch. This leadership change follows the departure of Michael Maiorana at the end of 2020.

Verizon Communications Inc. (NYSE: VZ) reported second-quarter 2020 results with EPS of $1.13, up from $0.95 in 2019, while adjusted EPS was $1.18, down from $1.23. Operating revenues declined 5.1% year-over-year to $30.4 billion, leading to a cash flow increase of $7.7 billion to $23.6 billion for the first half. Total debt fell by $4.9 billion, and net debt declined by $5.7 billion. Wireless service revenue decreased by 1.7% year-over-year, with a total of 352,000 retail postpaid net additions. The outlook remains cautious, expecting adjusted EPS growth between -2% and 2% for 2020.

Verizon has partnered with the Georgia Department of Education to facilitate distance learning for K-12 students across 10 U.S. states amid the Covid-19 pandemic. This initiative aims to provide access to reliable 4G LTE Internet and security solutions for up to 12.5 million students in states including Alabama, Florida, and Virginia. The program allows eligible schools to benefit from discounted service plans and mobile device management solutions. The partnership addresses the urgent need for connectivity as schools adapt to hybrid learning environments.

Verizon Communications Inc. (NYSE: VZ) will report its second quarter 2020 earnings on July 24 at 8:30 a.m. ET. Access to results and materials will be available on their Investor Relations website starting at 7:30 a.m. Verizon generated revenues of $131.9 billion in 2019, showcasing its status as a leading provider in technology, communications, and entertainment. The company has been operational for 20 years, focusing on delivering mobility, reliable connectivity, and security to its customers.

Verizon and the U.S. Marine Corps are collaborating at Marine Corps Air Station Miramar to leverage 5G Ultra Wideband technology for enhancing military operations. This marks the first deployment of 5G on a U.S. military base, aiming to innovate in communications, energy management, connected vehicles, drones, and base security. The initiative will act as a 5G 'living lab' to boost public sector innovation and contribute to national defense capabilities.

Verizon Business has launched its first small business resource hub, designed to support enterprises affected by the pandemic. This hub consolidates various relief programs and resources to assist small businesses in their recovery efforts. The initiative includes the Comeback Coach program, which pairs small businesses with influencers for mentoring. Notably, a Verizon Business survey indicated 64% of small business owners find such resources essential. The hub will also feature products like BlueJeans for video conferencing and a suite of security solutions. CEO Tami Erwin emphasizes the importance of collaboration in post-pandemic recovery.