Verizon Communications Stock Tumbles 6% After Lowering Sales Outlook
2022.04.22 17:26
Verizon Communications (VZ) Stock Tumbles 6% After Lowering Sales Outlook
Shares of Verizon (NYSE:VZ) are down nearly 6% after the company said it expects FY adjusted EPS in the lower end of its forecast range.
The telecommunications company reported Q1 adjusted EPS of $1.35, down from $1.36 in the year-ago period and in line with analyst expectations.
Operating revenue came in at $33.6 billion in the first quarter, matching the estimated $33.59 billion. Wireless service revenue totaled $18.3 billion, compared to consensus estimates of $18.19 billion.
For the full year, the company expects adjusted EPS in the low end of the $5.40 to $5.55 range, compared to the analyst estimates of $5.43.
Verizon shares were hit after the company lowered its full-year guidance for service and other revenue. VZ now expects to come in at the low-end of prior guidance ranges for wireless service and other revenue growth.
The company also reported 143 million total retail connections in Q1, including a postpaid phone net loss of 36,000, up 80% from the year-ago period.
Goldman Sachs analyst Brett Feldman reflected negatively on VZ after seeing “a more moderate 2022 outlook.”
By Senad Karaahmetovic
