For the period ended June 30, the company’s earnings were $1.15 per share on an adjusted basis. That was a 5% decrease compared to the prior year.
Additionally, AT&T (T) will follow with its second-quarter earnings report on July 24. T-Mobile US (TMUS) will report on July 31. AT&T stock has gained nearly 11% in 2024.
Reuters
Verizon Communications increased quarterly revenue, but reported a significant drop in wireless prepaid customers after a public assistance program expired.
The company posted a 624,000 decline in pay-as-you-go plans last quarter, which are typically aimed at lower-income consumers. Nearly two-thirds of the losses came from the closure of the government’s Covid-19-era Affordable Connectivity Program, which provided money to eligible households to cover the cost of a wireless or home internet plan.
Verizon shares are thus falling after the news. In the first trading sessions, with the New York market already in full swing, the communications firm’s stock is down 6.6%. A red that has fallen to -3.4% in the last month.
What he said at the presentation of results
For the period ended June 30, Verizon’s earnings were $1.15 per share on an adjusted basis, a decrease of 5% compared with the prior year. Verizon revenue rose 0.6% to $32.8 billion, missing estimates of $33.04 billion.
Wireless revenue rose 3.5% to $19.8 billion. Earnings before interest, taxes, depreciation and amortization were $12.3 billion, slightly below estimates of $12.27 billion. On the stock market today, Verizon shares fell 2.8% to $40.45 in early trading, indicating at least a test of their 50-day moving average.
Verizon’s issuance is larger than the previous three largest placements combined.
Verizon Stock: Technical Ratings Ahead of Verizon’s earnings report, Verizon stock had advanced 7% in 2023. Shares are working out of a cup-shaped base with a buy point of 43.42. Verizon stock has a Relative Strength Rating of 72 out of a possible 99, according to IBD Stock Checkup. Additionally, AT&T (T) will follow with its second-quarter earnings report on July 24. T-Mobile US (TMUS) will report on July 31. AT&T stock has gained nearly 11% in 2024.
Source: Ambito
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