Thu, Jul 25, 1:54 PM (44 days ago)
Verizon Communications Inc. reported a slight increase in total operating revenues for Q2 2024, reaching $32.8 billion, up 0.6% from Q2 2023. This growth was driven by a 1.5% increase in the Consumer segment, offset by a 2.4% decline in the Business segment. The Consumer segment saw a 3.0% rise in service revenue, primarily from wireless service revenue, while wireless equipment revenue decreased by 6.5%. Operating expenses declined by 1.6% to $25.0 billion, with significant drops in cost of wireless equipment and selling, general and administrative expenses. Notably, there were no severance charges in Q2 2024, unlike the previous year. Net income slightly decreased to $4.7 billion, while interest expense rose by 32.1% due to lower capitalized interest and higher average interest rates. Cash flow from operating activities dropped by $1.5 billion to $16.6 billion, primarily due to higher taxes and interest expenses. Capital expenditures decreased to $8.1 billion, reflecting the completion of a prior accelerated capital program. Verizon's financial position remains strong, with sufficient liquidity to meet ongoing requirements. The company announced a Voluntary Separation Program, expecting a significant severance charge in Q3 2024.