Verizon Communications Inc. said the coronavirus pandemic slowed its core wireless business in the March quarter as Americans bought fewer new smartphones amid widespread store closures.

The largest U.S. wireless carrier by subscribers tempered its financial forecasts for the rest of the year, lowering its profit goals and withdrawing its revenue targets. In the first quarter, the company reported a slight drop in wireless subscribers as gains in business accounts were offset by a steep decline in new consumer accounts.

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