Verizon wins 10-year $1.58 billion contract from State Department to modernize U.S. embassies

Verizon Communications Inc. VZ, -1.38% said Wednesday it has won a contract worth up to $1.58 billion from the Department of State to modernize U.S. embassies. The 10-year contract includes implementing and managing the network for the department’s non-domestic footprint and includes embassies in Asia, Africa, the Middle East and South America. Verizon shares were slightly lower premarket and are down 23% in the year to date, while the S&P 500 SPX, -1.06% has fallen 20%.