Verizon Stock Falls as Q2 Earnings Miss Estimates, Missing Earnings

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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