Verizon earnings outlook comes up short, stock falls

📆 24/01/2023 17:24:00
📰 MarketWatch

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Verizon returned to positive subscriber growth in its consumer postpaid phone business for the fourth quarter, but its full-year earnings outlook came in light.

Verizon Communications Inc. returned to positive subscriber growth in its consumer postpaid phone business for the fourth quarter, but shares of the wireless giant dipped in premarket trading Tuesday after the company’s full-year earnings outlook came up shy of analyst expectations.

The company recorded fourth-quarter net income of $6.70 billion, or $1.56 a share, compared with $4.74 billion, or $1.11 a share, in the year-prior quarter. After adjustments, Verizon VZ earned $1.19 a share, compared with $1.31 a share a year before. The company matched the FactSet consensus, which was for $1.19 a share.

“We delivered on the operational expectations and financial targets that we set in the second half of 2022,” Chief Executive Hans Vestberg said in a release. For the full year, executives at Verizon anticipate 2.5% to 4.5% in total wireless service revenue growth. They also model adjusted earnings per share of $4.55 to $4.85, whereas analysts tracked by FactSet were looking for $4.96.

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