As Wall Street players and companies remain uncertain about the coronavirus outbreak’s economic impact, Verizon Communications is reporting early results of society’s virtual shutdown affect on business.
CEO Hans Vestberg on Thursday told CNBC’s Jim Cramer that data usage has surged double digits over four categories.
In a week-over-week comparison, streaming demand increased 12%, Vestberg said. Web traffic climbed 20%, virtual private network, or VPN, jumped 30% and gaming skyrocketed 75%. Social media usage remained constant, CNBC reported.
Verizon announced March 12 that it would step up its capital guidance range to $17.5 billion to $18.5 billion from $17 billion to $18 billion this year as the wireless provider prepares for the 5G transition and to support the economy through the coronavirus crisis. Network connection is critical, especially for telecommuting and online learning.
According to CNBC, the increases come at a moment where the coronavirus pandemic has disrupted nearly every aspect of American life and commerce, along with that of the rest of the world, as health officials try to stop the fast-spreading coronavirus from sickening more people with the COVID-19 disease.
Workplaces are making employees work remote, schools have closed their doors and restrictions are in effect on nonessential establishments as operations across America have all but halted.