Proactive Investors - Verizon Communications Inc (NYSE:VZ, ETR:BAC) shares moved higher before Monday’s opening bell after the telecommunications provider lost fewer than expected wireless subscribers during the first quarter.
During the period, it lost 68,000 monthly bill-paying wireless phone subscribers, below the 100,000 expected.
Adjusted earnings per share (EPS) decreased from $1.20 in the year-ago quarter to $1.15, but this was ahead of estimates of $1.12.
Revenue grew 0.2% year-over-year to $33 billion, shy of the $33.3 billion expected by analysts.
Wireless service revenue grew 3.3% to $19.5 billion driven by pricing, adoption of higher premium price plans, and subscriber growth.
“Our performance in the first quarter sets us up for a successful 2024,” Verizon CEO Hans Vestberg commented.
“We are on track to meet our financial guidance and to deliver positive consumer postpaid phone net adds for the year. Our fixed wireless subscriber base is continuing to grow rapidly, and our network remains the best in the industry, by far.”
The company said it continues to expect total wireless service revenue growth of 2% to 3.5% and adjusted EPS in the range of $4.50 to $4.70, with analysts projecting $4.58.
Verizon shares gained 2.3% at $41.44 shortly before the stock market opened on Monday.