Verizon Communications Inc. discussed the potential impact on its business from the coronavirus in a Securities and Exchange Commission 8-k filing. “Due to the speed with which the situation is developing, we are not able at this time to estimate the impact of COVID-19 on our financial or operational results, but the impact could be material,” the company stated.
The telecom expects some aspects of the outbreak could increase demand for its services while others could reduce demand or make it more difficult for the company to provide service, reports Marketwatch. Verizon has closed some store locations in response to the outbreak. As of Tuesday, the carrier reduced the number of employees working shifts in their retail locations by 50 percent. Verizon, in a press release, said they are paying employees for any shifts they may miss due to the scheduling changes. In addition, the company has deemed the number of customers in a store may not exceed the number of employees working at any given time. Verizon stock (VZ) closed up $54.32 yesterday on the NYSE, compared to $54.31 on Tuesday.
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