Verizon Misses First-Quarter Estimates for Revenue, Wireless Subscribers

Reuters2023-04-25

April 25 (Reuters) - Verizon Communications Inc on Tuesday missed first-quarter revenue estimates and reported wireless subscriber losses as a pandemic-led boom in demand fizzled out.

While some of that impact was offset by a surge in the broadband business thanks to Verizon scaling up the technology behind 5G connectivity, its fast-growing rivals AT&T Inc and T-Mobile are catching up with increased promotions and more developed 5G networks.

Inflation-hit Americans are also putting off their device upgrades and seeking cheaper plans.

AT&T CEO John Stankey last week said lower-income consumers were making "the kind of decisions that people make when money is a little bit tighter".

Verizon, whose plans are the most expensive among U.S. peers, lost 127,000 net new monthly bill-paying wireless phone subscribers in the quarter. Factset had estimated a loss of 121,000 subscribers.

The company's total revenue fell 1.9% to $32.9 billion in the quarter ended March 31, below analysts' estimates of $33.57 billion, according to Refinitiv data.

Net income, however, rose 6.5% to $5 billion from a year earlier.

Excluding items, Verizon earned $1.20 per share.

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