Verizon Communications early Tuesday reported second-quarter adjusted earnings that topped estimates, excluding one-time items, while revenue missed Wall Street targets. VZ stock rose as management reiterated its full-year 2023 financial outlook.
Also helping VZ stock was that the company added 8,000 wireless postpaid phone subscribers. Analysts had estimated Verizon would lose 18,000 subscribers.
For the period ended June 30, March, Verizon earnings came in at $1.21 on an adjusted share. Profit for VZ stock fell 7% from a year earlier. Revenue for Verizon stock dipped 3.5% to $32.6 billion.
A year earlier, Verizon earned $1.30 a share on revenue of $33.8 billion. Analysts had projected Verizon earnings of $1.17 a share on revenue of $33.3 billion for the quarter. Wireless service revenue climbed 3.8% to $19.1 billion, in line with estimates.
VZ Stock Struggles In 2023
Verizon's subscriber figures include both consumer and business customers. The company lost 136,000 consumer accounts but added 144,000 business subscribers. A year earlier, Verizon added 12,000 postpaid phone customers.
On the stock market today, VZ stock rose 0.8% to close at 34.24.
Heading into the Verizon earnings report, shares had retreated 14% in 2023.
VZ stock holds a Relative Strength Rating of 18 out of a possible 99, according to IBD Stock Checkup.
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