Verizon Communications Inc (NYSE:VZ, ETR:BAC) reported second-quarter results that fell short of analysts’ revenue estimates, driven by slower-than-expected upgrades in wireless equipment.
The telecom giant's total operating revenue reached $32.8 billion, up less than 1% year-over-year but below the consensus estimate of $33.05 billion.
Net income stood at $4.7 billion, marking a 2% decrease from the previous year and remaining flat quarter-over-quarter.
Adjusted earnings per share (EPS) matched expectations at $1.15, while adjusted EBITDA came in slightly above estimates at $12.3 billion, compared to the expected $12.29 billion.
Despite the revenue miss, Verizon saw a positive outcome in its wireless subscriber additions, with 148,000 new subscribers surpassing the anticipated 127,900.
For the full year 2024, Verizon maintained its adjusted EPS guidance range of $4.50 to $4.70, compared to the consensus estimate of $4.57.
The company's shares dropped 4.8% at the market open on Monday morning.
Verizon also highlighted its ongoing voluntary separation program, part of a broader cost transformation initiative aimed at generating savings from late 2024 into 2025.