Verizon FIOS video subscribers down 81,000 in 2Q 2020

NEW YORK — Verizon Communications Inc. (NYSE, Nasdaq: VZ) reported second-quarter results today highlighted by increased cash flow and strong momentum heading into the second half of the year.

Consumer

Consumer reported 10,000 Fios Internet net additions as Fios installations were limited during the quarter due to temporary restrictions put in place on work inside customers’ homes. Consumer reported 81,000 Fios Video net losses in second-quarter 2020, reflecting the ongoing shift from traditional linear video to over-the-top offerings.

Fios Video Connections (‘000):

                                2018                        2019          2020
                 -------------------  --------------------------  ------------
                    2Q     3Q     4Q     1Q     2Q     3Q     4Q     1Q     2Q
                 -----  -----  -----  -----  -----  -----  -----  -----  -----
Consumer
  Connections    4,487  4,423  4,377  4,322  4,270  4,203  4,152  4,068  3,987
  Net Adds        (38)   (64)   (46)   (55)   (52)   (67)   (51)   (84)   (81)
Business
  Connections       73     74     74     76     76     77     77     77     75
  Net Adds           1      1      -      2      -      1      -      -    (2)
Total
  Connections    4,560  4,497  4,451  4,398  4,346  4,280  4,229  4,145  4,062
  Net Adds        (37)   (63)   (46)   (53)   (52)   (66)   (51)   (84)   (83)