Telecommunication giant, Verizon Communications (NYSE: VZ) was up in pre-market trading at the time of publishing on Tuesday with Q2 adjusted earnings of $1.21 per share as compared to $1.31 in the same quarter last year and above Street estimates of $1.17 per share.
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The company’s Q2 total operating revenues declined by 3.5% year-over-year to $32.6 billion but below analysts’ estimates of $33.3 billion. Verizon’s wireless service revenue went up by 3.8% year-over-year to $19.1 billion while total retail postpaid churn was at 1.07%.
Verizon had postpaid phone net additions of 8,000 in Q2 with 612,000 retail postpaid phone subscribers.
Looking forward, Verizon expects its wireless services revenues to grow in the range of 2.5% to 4.5% in FY23 while adjusted EBITDA is likely to be between $47.0 billion and $48.5 billion. Adjusted earnings are projected to be in the range of $4.55 to $4.85 per share in FY23. The company expects to incur capex between $18.25 billion and $19.25 billion.
Analysts are cautiously optimistic about VZ stock with a Moderate Buy consensus rating based on four Buys and 11 Holds.
