Verizon Communications (VZ) reported first-quarter adjusted earnings above estimates, while sales also exceeded Wall Street targets. Verizon shares rose slightly on Wednesday as it lost fewer postpaid cell phone subscribers than expected.
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For the March quarter, Verizon’s earnings were $ 1.31 per adjusted share, excluding items. Sales were up 4% to $ 32.9 billion in the three months ended March 31.
A year earlier, Verizon made $ 1.26 per share on sales of $ 31.6 billion. Analysts had estimated Verizon’s profit of $ 1.29 per share on revenues of $ 32.47 billion.
Wireless service revenues were up 2.4% to $ 16.7 billion. Furthermore, Verizon said it lost 178,000 wireless postpaid phone subscribers versus analyst estimates for a loss of 198,000.
Verizon’s stock rose a fraction to 58.44 before opening the market in the stock market today.
In the Verizon earnings report, the business unit’s revenue increased 1.3% to $ 7.8 billion. Verizon Media’s revenues were $ 1.9 billion, an increase of approximately 10.4%.
Despite the dividend, the Verizon stock has a meager Relative Strength Rating of 21 out of a best possible 99. Verizon stock trades below an entry point of 62.05.
Follow Reinhardt Krause on Twitter @Rainhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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