When Verizon Communications Inc. (NYSE: VZ) reported its most recent quarterly results before the markets opened on Friday, the telecom giant posted $1.26 in earnings per share (EPS) and $31.6 billion in revenue. The consensus estimates had called for $1.23 in EPS and $32.4 billion in revenue, and last year’s first quarter reportedly had EPS of $1.20 on $32.13 billion in revenue.
Verizon Consumer revenues for the latest quarter were $21.8 billion, a decrease of 1.7% year over year, driven by strong service revenue and other revenue growth, more than offset by a significant decrease in wireless equipment revenue due to low volume activity. There were 525,000 retail postpaid net additions, including 307,000 phone net losses and 167,000 postpaid smartphone net losses.
Verizon Business revenues were $7.7 billion, a decrease of 0.5% year over year. Retail postpaid net additions totaled 475,000, including 239,000 phone net additions.
During the quarter, total revenues from wireless products and services decreased 0.5% to $22.6 billion. Service revenues increased 1.9% year over year. There were 50,000 retail postpaid net losses, including 68,000 phone net losses and 95,000 postpaid smartphone net additions.
Hans Vestberg, board chair and chief executive, commented:
Verizon began 2020 with strong operational performance. In an unprecedented time, Verizon took decisive and balanced actions that will serve our stakeholders in the long term, including protecting our employees, maintaining our network quality and reliability, serving our customers, and supporting our communities. We will emerge from this crisis stronger, knowing we provided critical connectivity to our customers, and especially our first responders, while maintaining our commitment to investing in our 5G and Fiber strategies. We are particularly proud of our employees who continue to deliver essential services to our customers and those on the front lines so they can serve others.
Verizon Communications stock traded down less than 1% on Friday to $57.25, in a 52-week range of $48.84 to $62.22. The consensus price target is $59.88.
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