Verizon Lost 81,000 Video Customers to Cord Cutting in Q2 2020

In today’s quarterly earnings announcement, Verizon reported a loss of 81,000 video customers in the second quarter of 2020. Verizon noted that the losses were “reflecting the ongoing shift from traditional linear video to over-the-top offerings.”

Once again, the company focused on internet additions, reporting 10,000 new Fios internet customers. The number was lower than expected because “Fios installations were limited during the quarter due to temporary restrictions put in place on work inside customers’ homes.”

“Through extraordinary circumstances, Verizon delivered a strong operational performance in the second quarter,” said Chairman and CEO Hans Vestberg. “We remain focused on our strategic direction as a technology leader, quickly adapting to the new environment and providing our customers with reliable and vital connections and technology services, while working to keep our employees safe and accelerating our 5G network deployment. We have embraced, engaged in and responded to important social movements happening throughout the world, and will continue to be at the forefront of initiatives that move the world forward for everyone. We are proud of what we have done, and continue to do, for our customers, shareholders, employees, and society.”

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