Verizon Communications (VZ) adjusted earnings for the second quarter met estimates early Monday, while earnings missed Wall Street targets. Verizon shares fell on the news.
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The company added 148,000 wireless postpaid phone subscribers, topping estimates of 94,000. Monthly-fee, postpaid phone subscribers are the most expensive wireless subscribers.
For the period ended June 30, Verizon’s earnings were $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 rose 3.5% to $19.8 billion. Earnings before interest, taxes, depreciation and amortization are estimated at $12.27 billion.
In the stock market today, Verizon stock fell 2.8% in early trading to 40.45, signaling at least a test of its 50-day moving average.
Verizon Stock: Technical Ratings
In Verizon’s earnings report, Verizon shares advanced 7% in 2023. Shares are acting on a cusp basis with a buy point of 43.42.
Verizon shares have a relative strength rating of 72 out of a possible 99. IBD Stock Checkout.
Further, AT&T (D) following its Q2 earnings report on July 24. T-Mobile US (TMUS) reports on July 31. AT&T stock is up nearly 11% in 2024.
Follow Reinhardt Krause on Twitter @reinhardtk_tech For updates on artificial intelligence, cyber security and cloud computing.
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