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

Lyft beats Wall Street expectations for Q2

Photo: DON EMMERT/AFP via Getty Images

Lyft Wednesday posted narrower losses and higher revenue than expected for the second quarter, though revenue did fall 61% from the same period last year.

Why it matters: Lyft's business has been hard hit by the coronavirus pandemic as people stay home.

Dion Rabouin, author of Markets
46 mins ago - Politics & Policy

Wall Street fears stimulus is doomed

Illustration: Sarah Grillo/Axios

The fight over a new Supreme Court justice will take Washington's partisan bickering to a new level and undermine any chance for needed coronavirus relief measures before November's election, Wall Street analysts say.

What we're hearing: "With the passing of Justice Ginsburg, the level of rhetorical heat has increased, if that seemed even possible," Greg Staples, head of fixed income for the Americas at DWS Group, tells Axios in an email.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 31,346,086 — Total deaths: 965,294— Total recoveries: 21,518,790Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,858,130 — Total deaths: 199,890 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!