🤯 Picked by our AI, this stock rallied more than Nvidia this month, yielding 94% since MarchSee the stock

Verizon Drops 4% After 'Mixed' Results

Published 10/21/2022, 09:13 AM
Updated 10/21/2022, 09:17 AM
Verizon (VZ) Drops 4% After 'Mixed' Results

By Senad Karaahmetovic

Verizon Communications (NYSE:VZ) reported Q3 EPS of $1.32 to beat the analyst estimate of $1.29. Revenue for the quarter came in at $34.2 billion, again higher than the consensus estimate of $33.78 billion.

Verizon shares are down 4.4% in pre-open trading Friday.

Wireless revenue also came in ahead of the consensus. Verizon reported it added 388,000 wireless postpaid subscribers, higher than the 347,898 consensus.

"We took a number of actions in the third quarter that helped drive improved operational and financial performance, but we know there's still more work to be done," said Verizon Chairman and CEO Hans Vestberg.

Verizon also reiterated its full-year EPS forecast to a range of $5.10 to $5.25. The company still sees wireless service revenue growth of between 8.5% and 9.5%. It also said it started a new cost-cutting program that should result in annual savings between $2-3 billion by 2025.

Goldman Sachs said the results were “mixed”.

“We expect a muted reaction in the stock to reflect mixed results. We expect a negative reaction in cable stocks to reflect VZ’s material beat to fixed wireless net adds, which could imply downside risk to cable broadband net adds. We could also see a negative reaction in media stocks to reflect greater FiOS video subscriber losses (-95k vs. GSe -80k) which may signal an accelerated pace of industry-wide cord-cutting,” the analysts told clients.

Latest comments

Loading next article…
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.