- BlueJeans by Verizon is joining hands with OpenLoop.
- Company stocks have started rising after their CEO’s statement in an interview.
- VZ stock was changing hands at a market value of $37.88.
An Effort to Push Telemed Services
Verizon Communications (NYSE: VZ) has offered top-notch services to their customers. Now their video conferencing service, BlueJeans, are partnering with OpenLoop, a telehealth service provider. Verizon stock price remained sideways since October 2022, now the deal may hopefully give a little push to the company shares.
The collaboration will offer BlueJeans Telehealth’s HIPAA-ready digital care platform to their partners. The move will enhance accessibility to life changing telemedicine service to their clients. Apparently, OpenLoop is working on an anytime anywhere virtual care delivery system for the users.
During July 2022, Verizon landed a $400 Million contract from the Federal Bureau of Investigation (FBI) to meet the agency’s increasing bandwidth demand around the globe. Verizon Public Sector Senior VP stated that they understand the critical nature of bureau’s work and mentioned their 20 year partnership with them. Furthermore, she said that the company will offer hands to attain their target.
Verizon Stock Chart Analysis
This year has proved turbulent for Verizon stock price despite what the company CEO says. In an interview with Yahoo Finance, he stated that this is the company’s peak year. Though it appeared like his words made a slow impact as the price rose at a steady pace.
VZ stock maintained a support at $45 during May 2022 after the earnings call but raised the support bar to $48 by June 2022. The share performed well during the month until the next earnings call where the value fell down to $43.77. It remained sideways till mid-August to trade around $45 but eventually started to slide down the path.
Shares went down to $40.71 in September 2022 and struggled a bit for a few days to reach above $42. The downfall continued till mid-October to $35.04. Company’s CEO made the aforementioned statement during this month where it generated a buying interest among the investors, leading the share value to touch $38 mark by the month’s end. Verizon stock has traded sideways since.
Past couple of quarters proved fruitful for the company as they generated $33.79 Billion during Q2 2022 and $34.34 Billion in the following quarter. The organization saw their net income rising from $4.58 Billion in Q1 2022 to $5.20 Billion in Q2 2022 but plunged to $4.90 in the latest quarter’s earnings reveal.
Verizon Telecommunications remains the second largest telecom company globally having generated $128.4 Billion in revenues, just behind AT&T (NYSE: T) with $172.9 Billion.
Source: https://www.thecoinrepublic.com/2022/11/17/can-this-new-deal-keep-verizon-stock-price-momentum-going/