Verizon Communications shares opened 0.6% lower Tuesday after the wireless carrier’s first quarter revealed a revenue miss and a larger-than-expected customer decline.
The telecommunications giant posted revenue of $32.9 billion, down 1.9% year-over-year and below expectations of $33.6 billion, and adjusted earnings of $1.20 per share, down 11% from last year and narrow beating expectations of $1.19 per share.
What concerns investors is Verizon’s loss of 127,000 postpaid wireless phone subscribers, compared to analyst expectations of 120,000. By comparison, AT&T added 424,000 postpaid phone subscribers.
That said, Verizon did add 393,000 fixed wireless broadband customers, slightly more than the previous quarter.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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