Verizon CEO Hans Vestberg. Photo credit: Steve Jennings/Getty Images for TechCrunch, under Creative Commons license

Telecom giant Verizon has announced its financial results for the second quarter of this year, indicating $30.4 billion in revenue, down 5% year-over-year primarily due to lower sales resulting from the coronavirus pandemic. During the second quarter, Verizon’s total debt decreased by $4.9 billion to a current $102.2 billion. As usual, consumer sales accounted for the bulk of Verizon’s revenue.

“Through extraordinary circumstances, Verizon delivered a strong operational performance in the second quarter,” the company’s CEO, Hans Vestberg, said in a statement. “We remain focused on our strategic direction as a technology leader, quickly adapting to the new environment and providing our customers with reliable and vital connections and technology services, while working to keep our employees safe and accelerating our 5G network deployment.”

In 2018, Verizon notably announced a goal to achieve $10 billion in cumulative cash savings by the end of next year. Currently, the company has achieved $7.2 billion of that amount and says it’s on track to meet its target.