Technology
Tuesday, October 24th, 2023 7:45 pm EDT
Key Points
- Verizon’s stock has surged by over 8%, marking its best daily performance in nearly 15 years, following the release of its third-quarter earnings report.
- The company exceeded analysts’ expectations for both adjusted earnings per share and revenue in the third quarter, with $33.34 billion in revenue (compared to an estimated $33.25 billion) and adjusted earnings per share of $1.22 (compared to an estimate of $1.18).
- Verizon also outperformed Wall Street’s projections for postpaid phone net additions, adding 100,000 subscribers compared to the expected 62,000, and adjusted its 2023 outlook to expect free cash flow to total more than $18 billion, a $1 billion increase from previous guidance.
Verizon’s stock has surged by over 8%, marking its best daily performance in nearly 15 years. This surge followed the company’s third-quarter earnings report, where it exceeded analysts’ expectations for adjusted earnings per share and revenue. Verizon posted $33.34 billion in revenue, surpassing the estimated $33.25 billion, and reported adjusted earnings per share of $1.22, higher than the $1.18 estimate. The company also outperformed Wall Street’s projections for postpaid phone net additions by adding 100,000 subscribers compared to the expected 62,000. Verizon also adjusted its 2023 outlook, increasing its free cash flow guidance to over $18 billion. The last time Verizon experienced such a stock surge was in October 2008 when it had not yet launched its 4G LTE wireless network in the U.S.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/10/24/verizon-stock-soars-toward-its-best-day-in-almost-15-years.html
