Verizon Communications Inc (NYSE:VZ, ETR:BAC) posted a revenue miss for the third quarter, sending its shares lower.
Revenue for the period was $33.33 billion, shy of the $33.42 billion expected.
Wireless services revenue rose 2.7% year-over-year to $19.8 billion as Verizon saw retail postpaid phone net additions of 239,000 and retail postpaid net additions of 349,000.
Broadband net additions were 389,000, marking the ninth consecutive quarter of more than 375,000 broadband net additions.
Earnings per share (EPS) for Q3 was $1.19, narrowly beating the $1.18 expected. However, this marked a decline from $1.22 in the year-ago quarter.
Net income also declined to $3.4 billion from $4.9 billion in the year-ago quarter primarily driven by severance charges of $1.7 billion.
“We continue to deliver strong results in mobility and broadband, and we are on track to meet our full-year 2024 financial guidance, with wireless service revenue and adjusted EBITDA trending at or above the midpoint of the guided range," Verizon CEO Hans Vestberg commented.
Shares of Verizon were down 4.3% at about $42 in the early afternoon on Tuesday.