Verizon Posts Upbeat 4Q Subscriber Gains, Lower Revenue
January 23 2024 - 8:00AM
Dow Jones News
By Will Feuer
Verizon Communications posted a small drop in revenue after
lower wireless equipment sales offset healthy wireless subscriber
gains and price increases.
The wireless carrier reported a loss of $2.71 billion, or 64
cents a share, compared with a profit of $6.58 billion, or $1.56 a
share, in the same period a year earlier.
Stripping out one-time items, including billions in charges tied
to the company's business segment, adjusted earnings were $1.08 a
share, matching analysts' expectations.
Revenue edged about 0.3% lower to $35.1 billion. Analysts
surveyed by FactSet had expected $34.6 billion.
Postpaid phone net additions accelerated to 449,000, up from
217,000 in the same period last year. Analysts surveyed by FactSet
had expected about 232,000 additions.
For 2024, Verizon is targeting adjusted earnings of $4.50 a
share to $4.70 a share. Analysts surveyed by FactSet were expecting
$4.60 a share.
Verizon is expecting 2024 wireless service revenue growth of 2%
to 3.5%.
Chief Executive Hans Vestberg said that "2023 was a year of
change. We have the right assets and the best team in place and are
well-positioned for growth in 2024."
The company added 375,000 fixed-wireless customers, bringing the
subscriber base to over 3 million. Verizon added 55,000 Fios
internet customers, down 4,000 from a year earlier.
Wireless service revenue rose 3.2%, driven by higher prices and
more customers taking up the company's premium plans.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 23, 2024 07:45 ET (12:45 GMT)
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