Verizon Communications (VZ) reported adjusted earnings for the first quarter that were above estimates, while revenue also came above Wall Street targets. Verizon’s inventory declined on Wednesday as it lost less predictable cordless phone subscribers than expected.
For the March quarter, Verizon’s earnings were $ 1.31 per adjusted share, excluding items. Revenue rose 4% to $ 32.9 billion in the three months ended March 31.
A year earlier, Verizon earned $ 1.26 per share on revenue of $ 31.6 billion. Analysts had forecast Verizon earnings of $ 1.29 per share on revenue of $ 32.47 billion.
Revenue for wireless services increased by 2.4% to $ 16.7 billion. Verizon also said it paid 178,000 cordless phone subscribers back, compared to analysts’ estimates for a loss of 198,000.
Verizon shares declined a fraction to 58.15 today in early trading on the stock market.
Verizon stock: subscribers migrating to higher pricing plans
The telecommunications is gradually improving customers to unlimited unlimited data plans, said MoigettNathanson analyst Craig Moffett in a report to customers.
“Today’s results show that the ARPU (average revenue per user) is growing at a healthier pace than we saw before the pandemic, and it should be
is only getting better from here, “Moffett said. However, Moffett added that Verizon may T-Mobile USA (TMUS) in 5G wireless network quality.
In the Verizon earnings report, business unit revenue rose 1.3% to $ 7.8 billion. Verizon Media’s revenue was $ 1.9 billion, up about 10.4%.
Despite its dividend, Verizon shares hold a meager relative strength rating of 21 out of the best possible 99. Verizon shares trade below a starting point of 62.05.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cyber security and cloud computing.
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