Verizon Communications Inc
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Communication Services : Diversified Telecommunication Services | Large Cap Value
Company profile

Verizon Communications Inc. is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its reportable segments are Verizon Consumer Group and Verizon Business Group. Its Consumer segment provides wireless and wireline communications services. Its wireless services are provided across wireless networks in the United States under the Verizon Wireless brand. Its wireline services are provided in nine states in the Mid-Atlantic and Northeastern United States, over its 100% fiber-optic network under the Fios brand and via traditional copper-based network. Its Business segment provides wireless and wireline communications services and products, video and data services, corporate networking solutions, security and managed network services, local and long-distance voice services and network access to deliver various Internet of Things (IoT) services and products.

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Baker Hughes reports wider-than-expected loss as revenue falls shy of forecasts

7:17 am ET July 22, 2020 (MarketWatch)

Baker Hughes Co. (BKR) reported Wednesday a wider-than-expected second-quarter loss on revenue that fell more than forecast, amid the COVID-19 pandemic and the "sharp decline" in activity as a result of lower oil and gas prices. The energy services and technology company's stock was indicated up less than 1% in the premarket. The company reported a net loss that widened to $201 million, or 31 cents a share, from a loss of $9 million, or 2 cents a share, in the year-ago period. Excluding non-recurring items, the company swung to a loss per share of 5 cents from earnings of 11 cents, compared with the FactSet consensus for a per-share loss of 1 cent. Revenue fell 21% to $4.74 billion, just shy of the FactSet consensus of $4.79 billion. Oilfield services revenue declined 26% to $2.41 billion to top the FactSet consensus of $2.34 billion, while turbomachinery and process solutions revenue dropped 17% to $1.16 billion to miss expectations of $1.40 billion. Oilfield equipment revenue was roughly flat at $696 million, above expectations of $693 million. The stock has tumbled 36.4% year to date through Tuesday, while the S&P 500 has gained 0.8%.

-Tomi Kilgore; 415-439-6400;

(END) Dow Jones Newswires

July 22, 2020 07:17 ET (11:17 GMT)

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