Verizon Communications early Monday reported second-quarter adjusted earnings that met estimates while revenue missed Wall Street targets. Verizon stock fell as other key financial metrics underwhelmed investors.
The company said it added 148,000 wireless postpaid phone subscribers, topping estimates of 94,000. Billed monthly, postpaid phone subscribers are the highest spending wireless subscribers. However, Verizon's consumer unit didn't turn positive in Q2 as some analysts had hoped. It lost 8,000 postpaid phone subscribers while the company added 156,000 business subscribers.
For the period ended June 30, Verizon earnings came in at $1.15 per share on an adjusted basis, down 5% from a year earlier. Revenue for Verizon stock rose 0.6% to $32.8 billion, missing estimates of $33.04 billion.
Wireless service revenue climbed 3.5% to $19.8 billion. Earnings before interest, taxes, depreciation and amortization came in at $12.3 billion, edging by estimates of $12.27 billion
On the stock market today, Verizon stock tumbled 6.2% to near 39. Also, Verizon fell below its 50-day moving average.
Verizon Stock: Technical Ratings
Heading into the Verizon earnings report, Verizon shares had advanced 7% in 2023. Shares are working on a cup base with a 43.42 buy point.
Verizon stock holds a Relative Strength Rating of 72 out of a possible 99, according to IBD Stock Checkup.
Further, AT&T follows with its Q2 earnings report on July 24. T-Mobile US reports July 31. AT&T stock has gained nearly 11% in 2024.
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