Verizon releases recast segment results in alignment with its new operating model
June 18 2019 - 3:00PM
Verizon Communications Inc. (NYSE, Nasdaq: VZ) today released
recast historical financial and operational results in connection
with its new operating model, Verizon 2.0, which was announced in
November 2018 and implemented beginning in April 2019.
As previously disclosed, the new structure aligns the company
around two customer-facing reportable segments: Consumer and
Business. This reflects Verizon’s customer-centric approach to
address evolving customer needs, deliver best-in-class customer
experiences and drive continued leadership in 5G. Results for
Verizon Media, the company’s third operating group, were not
impacted by the new operating model.
“Verizon 2.0 is a transformation of our business that creates
the right platform to better serve our customers and capture
long-term growth opportunities,” said Chairman and CEO Hans
Vestberg. “As we evolve our networks and organization, we are
positioning Verizon to win in the 5G era.”
The recast financial information and selected operating metrics
-- available on Verizon’s Investor Relations website at
www.verizon.com/about/investors -- present the company’s historical
results for its new reportable segments, providing transparency
into the performance of each business. Verizon formerly reported
results under Wireless and Wireline segments.
There are no changes to previously reported consolidated results
as a result of the recast.
Verizon will webcast an analyst meeting today at 5 p.m. ET to
discuss its new financial reporting structure. The webcast and
presentation materials can be accessed on its Investor Relations
site.
The company expects to report second-quarter 2019 results on
August 1.
VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media
contacts and other resources are available at
www.verizon.com/about/news/. News releases are also available
through an RSS feed. To subscribe, visit
www.verizon.com/about/rss-feeds/.
Media contacts:Bob
Varettoni908.559.6388robert.a.varettoni@verizon.com
Eric Wilkens908.559.3063eric.wilkens@verizon.com
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