Verizon’s first-quarter results
Verizon Communications (VZ) reported its first-quarter results before the market bell on April 23. The telecom company posted net sales of $32.13 billion in the first quarter, up about 1.1% on a YoY basis. However, net sales missed analysts’ estimate of $32.16 billion.
Verizon posted adjusted EPS of $1.20 in the first quarter, which rose 2.6% on a YoY basis and came in well ahead of analysts’ estimate of $1.17. Analysts expect Verizon’s sales and adjusted EPS to be $132.0 billion and $4.66 in fiscal 2019, respectively.
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In the first quarter, Verizon reported a loss of 44,000 postpaid phone net customers versus net losses of 24,000 in the first quarter of 2018. However, postpaid smartphone net customer additions were 174,000 in the first quarter. The company also added 52,000 Fios Internet customers in the first quarter but saw a net loss of 53,000 Fios video customers.
Verizon’s stock price
Verizon stock has risen 3.8% year-to-date and 21.9% in the trailing-12-month period. Verizon stock has fallen 0.6% in the last five trading days. In comparison, peer telecom stocks AT&T (T), Sprint (S), and T-Mobile (TMUS) have generated returns of -0.4%, -3.6%, and 0.01%, respectively, in the last five trading days.