Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Verizon secures contracts worth nearly $1 billion from U.S. defense department

Published 03/16/2022, 07:36 AM
Updated 03/16/2022, 07:46 AM
© Reuters. FILE PHOTO: Signage is seen at a Verizon store in Manhattan, New York City, U.S., November 22, 2021. REUTERS/Andrew Kelly

(Reuters) - Telecoms giant Verizon Communications Inc (NYSE:VZ) said on Wednesday it had secured new business worth almost $1 billion from the U.S. Department of Defense to provide technical support and network modernization services.

The deal includes contracts for services to the Pentagon, the National Capital Region (NCR (NYSE:NCR)) and Fort Belvoir at a combined value of $966.5 million.

Verizon will provide internet-protocol-based services, voice and video services and network-related support aimed at accelerating the department's digital pivot.

The company said it would also help plan, design and implement network upgrades and provide new equipment to the Pentagon.

Shares of Verizon rose 0.5% in premarket trading.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.