Verizon Q1 Earnings Beat Market, Backs FY25 Outlook; But Stock Drops In Pre-market

Verizon

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(RTTNews) - Telecom major Verizon Communications Inc. (VZ), while reporting higher first-quarter earnings above market, on Tuesday said it remains confident in achieving fiscal 2025 outlook.

In pre-market activity on the NYSE, Verizon shares were losing around 3.9 percent to trade at $41.25. Verizon reported a larger-than-expected decline in mobile-phone subscribers in the first quarter, reports said.

Looking ahead to fiscal 2025, Verizon continues to expect adjusted earnings growth of 0 to 3.5 percent and adjusted EBITDA growth of 2 percent to 3.5 percent, on total wireless service revenue growth of 2 percent to 2.8 percent.

The company added that it is well-positioned to achieve the next milestone of 8 to 9 million fixed wireless access subscribers by 2028.

In the first quarter, consolidated net income grew to $4.98 billion from prior year's $4.72 billion. Earnings per share improved to $1.15 from last year's $1.09.

Adjusted earnings were $1.19 per share in the quarter, compared to $1.15 a year ago.

The Wall Street analysts on average expected the company to report earnings of $1.15 per share. Analysts' estimates typically exclude special items.

Consolidated adjusted EBITDA was $12.6 billion, compared to $12.1 billion in first-quarter 2024.

Total operating revenue of $33.5 billion grew 1.5 percent year over year. The Street was looking for revenues of $33.28 billion.

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