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Verizon shares surge on robust Q4 earnings, 2024 outlook

EditorEmilio Ghigini
Published 01/23/2024, 08:22 AM
Updated 01/23/2024, 08:22 AM
© Reuters.

NEW YORK - Verizon Communications Inc (NYSE:VZ). saw its shares climb more than 4% in premarket trading today after the company unveiled impressive fourth-quarter results and an optimistic forecast for 2024. The telecommunications leader reported it expects adjusted earnings per share (EPS) for 2024 to range between $4.50 and $4.70, topping analyst expectations.

The company's financial health was further highlighted by a significant uptick in wireless subscribers during the fourth quarter, with net additions exceeding 400,000.

Verizon's performance over the past year also reflected a robust increase in annual Free Cash Flow, which reached $18.7B. Looking ahead, the company projects its wireless service revenue to grow by 2% to 3.5% in the upcoming year.

Despite facing some financial headwinds in the quarter, market analysts have expressed a Moderate Buy consensus on Verizon's stock.

Investors and market watchers will likely keep a close eye on Verizon's performance as the company navigates the competitive landscape of the telecom industry while capitalizing on its recent successes and strategic outlook for the future.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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