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A Verizon store in New York. Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

Verizon Media said Friday that its revenue dropped 24.5% year-over-year in the second quarter to $1.4 billion amid the coronavirus pandemic.

Why it matters: Verizon was counting on its media unit to bring in billions of dollars of ad dollars and compete with the likes of Google and Facebook. It was already struggling to make that a reality even before the pandemic hit.

Catch up quick: Verizon Media, formerly Oath, was created in 2017 through roughly $10 billion in acquisitions of companies like AOL and Yahoo.

  • In late 2018, Verizon wrote down about half of that investment.
  • Its latest earnings suggest it is nowhere near its previously stated goal of bringing in $10 billion annually from the division.
  • The company said that Verizon Media "has continued to drive increased customer engagement on its owned and operated properties" in its earnings release, but didn’t describe much else.

Go deeper

Oct 29, 2020 - Technology

Alphabet revenue up 14% after second-quarter slump

Illustration: Lazaro Gamio/Axios

Google parent company Alphabet beat Wall Street expectations in the third quarter of 2020, announcing total revenues of $46.2 billion with its shares rising more than 9% in after-hours trading.

Why it matters: The company rebounded with its revenue up 14% after a tough second quarter, when its saw its first-ever revenue decline attributable to a lowered advertising growth rate amid the COVID-19 pandemic.

Amazon posts strong Q3 results despite ongoing pandemic costs

Photo: Ina Fassbender/AFP via Getty Images

With the pandemic driving consumers to shop online, Amazon beat analyst expectations on Thursday with its Q3 results, though its stock price didn't see much of a bump.

Why it matters: Despite incurring what it estimates was about $2.5 billion in pandemic-related costs during the quarter, Amazon's revenue grew 37% year-over-year to $96.1 billion and its profits to $6.3 billion, up 197% year-over-year.

Ina Fried, author of Login
Oct 29, 2020 - Technology

Apple sets September quarter sales record despite later iPhone launch

Apple CEO Tim Cook, speaking at the Apple 12 launch event in October. Photo: Apple

Apple on Thursday reported quarterly sales and earnings that narrowly exceeded analysts estimates as the iPhone maker continued to see strong demand amid the COVID-19 pandemic.

What they's saying: The company said response to new products, including the iPhone 12 has been "tremendously positive" but did not give a specific forecast for the current quarter.

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