Verizon’s first-quarter results
Verizon Communications (VZ) reported its first-quarter earnings results on April 23. The company reported an adjusted EPS of $1.20, which was ~2.6% higher than the adjusted EPS of $1.17 in the first quarter of 2018. Verizon’s adjusted EPS beat analysts’ consensus estimate of $1.17 for the first quarter.
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Verizon’s consolidated adjusted EBITDA increased ~1.4% YoY (year-over-year) to $11.9 billion in the first quarter. The company’s wireless segment’s EBITDA increased ~2.7% YoY to $10.8 billion in the first quarter. The wireline segment’s EBITDA fell ~8.2% YoY to $1.5 billion.
Stock price reaction
Verizon stock reacted negatively to the company’s first-quarter earnings report. The stock fell ~2.09% on April 23. Investors were disappointed. The company missed the consensus revenue estimate by $28 million. In the first quarter, Verizon reported net revenues of $32.1 billion—a rise of ~1.1% YoY. Verizon reported a loss of 44,000 postpaid phone net customers, which was more than its expectation of 10,000 net losses in the first quarter.