Q1 24 EPS
$1.15
BEAT +2.68%
Est. $1.12
Q1 24 Revenue
$32.98B
MISS 0.78%
Est. $33.24B
vs S&P Since Q1 24
-6.4%
TRAILING MARKET
VZ +37.9% vs S&P +44.2%
Market Reaction
Did VZ Beat Earnings? Q1 2024 Results
Verizon delivered a mixed but broadly reassuring first quarter, posting adjusted EPS of $1.15 against a consensus estimate of $1.12, a 2.68% beat, while revenue of $32.98 billion came in just 0.78% below expectations and grew a modest 0.2% year over … Read more Verizon delivered a mixed but broadly reassuring first quarter, posting adjusted EPS of $1.15 against a consensus estimate of $1.12, a 2.68% beat, while revenue of $32.98 billion came in just 0.78% below expectations and grew a modest 0.2% year over year. The headline earnings strength was notable given the headwinds Verizon faced, including a $106 million legacy legal charge and $221 million in Tracfone-related intangible amortization that dragged adjusted EPS down from $1.20 a year ago. The real engine of the quarter was wireless service revenue, which climbed 3.3% year over year to $19.51 billion, fueled by premium plan adoption and a rapidly scaling fixed wireless access business that saw revenue surge 77.3% to $452 million. Consumer postpaid phone net losses narrowed sharply to 158,000, the best first quarter since 2018, a trend that Verizon's management believes will flip positive for the full year. With questions about long-term growth lingering, the company reaffirmed full-year adjusted EPS guidance of $4.50 to $4.70 and wireless service revenue growth of 2% to 3.5%.
Key Takeaways
- • Wireless service revenue growth of 3.3% driven by pricing actions and premium plan adoption
- • Fixed wireless access subscriber base growth to 3.4 million, with FWA revenue up 77.3% YoY
- • Consumer postpaid phone gross additions up 5.3% YoY driven by myPlan success
- • Lower wireless equipment upgrade volumes reduced costs
- • Consumer segment EBITDA margin expansion to 42.6% from 41.5%
- • Consolidated adjusted EBITDA growth to $12.1 billion from $11.9 billion
VZ YoY Financials
Q1 2024 vs Q1 2023, source: SEC Filings
VZ Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strong results show that our team is delivering. Our performance in the first quarter sets us up for a successful 2024.”
— Hans Vestberg, Q1 2024 Earnings Press Release
VZ Earnings Trends
VZ vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
VZ EPS Trend
Earnings per share: estimate vs actual
VZ Revenue Trend
Quarterly revenue: estimate vs actual
VZ Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 24 BEAT FY | $1.10 | $1.10 | +0.00% | $35.68B | — |
| FY Full Year | $4.60 | $4.59 | -0.17% | $134.79B | +0.25% |
| Q2 24 BEAT | $1.15 | $1.15 | +0.00% | $32.80B | -0.81% |
| Q1 24 BEAT | $1.12 | $1.15 | +2.68% | $32.98B | -0.78% |
| Q4 23 BEAT FY | $1.08 | $1.08 | +0.00% | $35.13B | — |
| FY Full Year | $4.71 | $4.71 | +0.00% | $133.97B | +0.34% |