Verizon CFO: We’ll Continue to Support Cloud Business
Verizon CFO Francis Shammo this week denied reports that his company is considering selling some of its enterprise assets.
The news comes after Reuters last week reported that Verizon was exploring a sale of enterprise assets that could be worth as much as $10 billion. These assets may have included landline and internet services provider MCI and colocation and cloud hosting provider Terremark.
However, Fortune noted that Shammo said Verizon plans to keep funding its cloud business.
“This is part of our portfolio and we’ll continue to support it,” he said at the Wells Fargo Securities 2015 Technology, Media & Telecom Conference.
Verizon sold some of its non-core assets earlier this year as well.
Frontier Communications in February acquired some of Verizon’s residential landline assets for $10.54 billion and its tower portfolio for more than $5 billion.
Verizon recorded $33.2 billion in operating revenues in the third quarter of this year, which represented a 5 percent year-over-year increase.
In addition, Verizon CEO Lowell McAdam said his company continues to bolster its earnings by providing its customers with dependable support.
“Verizon continues to grow earnings by delivering network reliability and superior value that continues to attract new customers,” he said in a prepared statement.
