Verizon Australia sees 2019 revenue up while profit slides

2-verizon-thumb.png

Verizon Australia has reported its 2019 full year to December 31, with revenue up, but higher expenses and not winning the foreign exchange lottery, resulting in the company posting a lower profit for the year.

The company said over 2019 it received AU$167 million in revenue, made up of AU$107 million from services, AU$3 million from the sale of goods, and AU$56.7 million in global network support. For the year prior, the company reported AU$154 million in revenue, and AU$104 million, AU$2.3 million, and AU$48 million across the same three categories, respectively.

In 2019, monthly recurring revenue totalled just shy of AU$100 million.

Once expenses were taken out — of which employees received an extra AU$5 million to AU$76 million — the company posted AU$3.7 million in profit before tax and finance costs compared to AU$5.1 million a year prior.

Coinbase 2

However, last year the company landed an additional AU$16 million in foreign exchange gain, which boosted its pre-tax profit to AU$24 million compared to only AU$3.3 million this year.

Although Verizon Australia had a current income tax expense of AU$6.5 million, this was wiped out by prior tax losses and deferred tax to result in a AU$606,000 benefit. By contrast, last year’s AU$4 million current tax expense was boosted to AU$7.5 million through AU$4 million in deferred tax payments and only $500,000 in prior losses to offset it.

As of the end of 2019, the company had AU$28.5 million in tax losses available for offsetting.

All up, the company and its 319 employees posted a net profit of AU$3.9 million compared to AU$16.4 million for 2018.

Verizon Australia is a wholly-owned subsidiary of Verizon Services Singapore, which is an indirect wholly-owned subsidiary of Verizon Communications.

For the Verizon mothership, the company posted $132 billion in revenue and just shy of $36 billion in operating cash flow for 2019.

Unlike its US brethren, Verizon Australia avoids consumers and focuses on providing connectivity and IT services to business and government customers.

The Australian outpost said the coronavirus outbreak would unlikely result in significant impacts.

“We have not seen a significant impact on our business to date,” the company said.

“The outbreak and the response of governments in dealing with the pandemic is interfering with general activity levels within the community, the economy, and the operations of our business. The scale and duration of these developments remain uncertain as at the date of this report, however, they may have an impact on our earnings, cash flow, and financial condition.”

Related Coverage

Verizon kills email accounts of archivists trying to save Yahoo Groups history

Verizon says the archivists it has blocked breached its terms of service.

Verizon to buy videoconferencing software company BlueJeans

Verizon said BlueJeans will become part of Verizon Business and be “deeply integrated” into its 5G product roadmap.

WiFi 6 will face 5G competition

The emergence of two new wireless standards will cause IT decision-makers to think carefully.

Verizon’s Response Team mobilizing in several sectors to ramp up communication during pandemic (TechRepublic)

Telecom provider is helping hospitals, government, and schools across the country stay connected during the coronavirus crisis.

Verizon Australia sees 2019 revenue up while profit slides 1
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 32,548.00
ethereum
Ethereum (ETH) $ 2,074.16
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 290.32
cardano
Cardano (ADA) $ 1.18
xrp
XRP (XRP) $ 0.598070
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.192609
polkadot
Polkadot (DOT) $ 12.94
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 32,548.00
ethereumEthereum (ETH)
$ 2,074.16
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 445.80
litecoinLitecoin (LTC)
$ 120.53
bitcoinBitcoin (BTC)
27.651,97
ethereumEthereum (ETH)
1.762,15
tetherTether (USDT)
0,849575
bitcoin-cashBitcoin Cash (BCH)
378,74
litecoinLitecoin (LTC)
102,40
bitcoinBitcoin (BTC)
23,914.48
ethereumEthereum (ETH)
1,523.98
tetherTether (USDT)
0.734745
bitcoin-cashBitcoin Cash (BCH)
327.55
litecoinLitecoin (LTC)
88.56

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020
KuCoin hackers steal $150 million
KuCoin Exchange Hacked But Insurance Will Cover The Stolen $150M
September 29, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d

bitcoin
Bitcoin (BTC) $ 32,261.00
ethereum
Ethereum (ETH) $ 2,020.47
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 284.69
cardano
Cardano (ADA) $ 1.16
xrp
XRP (XRP) $ 0.585473
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.188059
polkadot
Polkadot (DOT) $ 12.59
binance-usd
Binance USD (BUSD) $ 1.00