Verizon Communications, Inc.’s (VZ) quarterly release reported the loss of fewer-than-expected monthly phone subscribers in the first quarter, showing that the wireless carrier is benefiting from its huge investments in expanding its 5G and new broadband services, The company reported a loss of 36,000 monthly phone subscribers in the quarter, lower than estimates of 49,300.
- Total revenue increased 2.1% to $33.6 billion for the three-month period, close to the estimate of $33.54 billion.
- Net income dropped 12.4% to $4.7 billion in the quarter, including a pre-tax loss from special items of approximately $1.5 billion, including a pre-tax loss of approximately $1.2 billion from early debt redemption costs.
- The company earned $1.35 per share, excluding items.
- The telecom giant updated its full-year guidance to revenue growth at the lower end of the previously guided range of 9% to 10%.
Verizon Communications, Inc. (VZ) is a worldwide leader in delivering communications and technology solutions that improve the lives of its customers. To learn more about Verizon Communications, Inc. (VZ) and track its progress, please visit the Vista Partners Verizon Communications Inc. Coverage Page.
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