Verizon Communications Inc. (NYSE: VZ) released its second-quarter financial results before the markets opened on Tuesday. The telecom giant said that it had $1.20 in earnings per share (EPS) and $32.2 billion in revenue, while consensus estimates had called for $1.14 in EPS and revenue of $31.78 billion. In the same period of last year, it said it had EPS of $0.96 and $30.55 billion in revenue.
For its Wireless segment, Verizon reported revenues of $22.4 billion, an increase of 5.5% year over year. Also, there was a net increase of 531,000 retail postpaid net additions in second-quarter 2018, consisting of net phone additions of 199,000, tablet losses of 37,000 and 369,000 other connected devices additions, primarily wearables. Postpaid smartphone net additions for the quarter were 398,000.
At the same time, the Wireline segment revenues decreased 3.4% year over year to $7.5 billion. The Wireline segment added a net of 43,000 Fios Internet connections. However, Verizon lost 37,000 Fios Video connections in second-quarter 2018 amid pressures from cord-cutting of video bundles.
Looking ahead to the full year, the company expects to see revenue growth in the low- to mid-single-digit percentages and EPS growth in the low single-digits as well. The consensus estimates are $4.59 in EPS and $129.56 billion in revenue for the year.
Lowell McAdam, board chair and chief executive, commented:
Verizon is extremely well-positioned for the future. Our financial and operating results for the first half of 2018 were strong, as evidenced by service revenue, earnings and operating cash flow growth delivered in a highly competitive marketplace.
Shares of Verizon closed Monday at $50.75, with a consensus analyst price target of $56.00 and a 52-week trading range of $43.81 to $54.77. Following the announcement, the stock was up about 3% at $52.17 in early trading indications Tuesday.
24/7 Wall St.Take Charge of Your Retirement In Just A Few Minutes (Sponsor)
Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance—and SmartAsset’s simple quiz makes it easier than ever for you to connect with a vetted financial advisor.
Here’s how it works:
- Answer a Few Simple Questions. Tell us a bit about your goals and preferences—it only takes a few minutes!
- Get Matched with Vetted Advisors Our smart tool matches you with up to three pre-screened, vetted advisors who serve your area and are held to a fiduciary standard to act in your best interests. Click here to begin
- Choose Your Fit Review their profiles, schedule an introductory call (or meet in person), and select the advisor who feel is right for you.
Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.