Verizon connections (VZ) Early Tuesday, it reported adjusted earnings for the first quarter of the year which was impacted by views while revenue was below estimates. Verizon stock fell as its consumer wireless business continued to struggle.
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For the March quarter, Verizon earnings were $1.20 per share adjusted, one-time excluding special items related to the Tracfone acquisition. Profit decreased by 11% from the previous year. Revenue fell 1.9 percent to $32.9 billion.
A year ago, Verizon earned $1.35 a share on revenue of $33.6 billion. Analysts expected Verizon earnings of $1.19 per share on revenue of $33.6 billion for the quarter.
Verizon Stock: The Struggles of a Consumer Business
Verizon said it lost 127,000 postpaid wireless phone subscribers, versus analyst estimates of a loss of 120,000, including consumer and business customers. The consumer unit lost 263,000 postpaid phone subscribers.
A year ago, Verizon lost 36,000 postapid subscribers. In the first quarter of 2023, AT&T (t) added 424,000 postpaid phone subscribers, beating estimates.
The carrier added 393,000 fixed wireless broadband customers, up slightly from the previous quarter.
In today’s stock market, Verizon stock is down 0.7%, at 36.83. As Verizon’s earnings report approaches, shares are down 5% in 2023. VZ stock fell 3.65% on Friday, amid disappointing results from competitors. AT&T (t).
Verizon stock is down 24% last year. According to IBD stock check.
Follow Reinhardt Krause on Twitter @employee For updates on 5G wireless networks, artificial intelligence, cybersecurity, and cloud computing.
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