Verizon Stock ( NYSE:VZ )
The quarterly earnings report for Verizon ( NYSE:VZ ) is set to be released on Tuesday, January 24th, before the market’s opening.
The average estimate for earnings per share is $1.19 (a Y/Y decrease of 9.2%), while the consensus estimate for revenue is $35.14 billion (a Y/Y increase of 3.0%).
Over the last three months, there have been zero upward adjustments to EPS projections and seventeen negative revisions. There have been 4 upward changes to revenue predictions and 8 negative revisions overall.
The telecommunications firm has faced greater challenges than its competitors, such as AT&T, due to declining consumer phone sales amid increasing tariffs. Consequently, shares have decreased by around 24% over the previous year, while AT&T has increased by almost the same proportion.
UBS believes that Verizon will continue to lose consumer subscribers in 2023 but will become “more nimble.” On the other hand, Truist believes that the rollout of Verizon’s fixed wireless access program will likely be “slower than originally expected” because the company is working to preserve cash reserves.
Hans Vestberg, the CEO of Verizon ( NYSE:VZ ), stated that the company had a net addition of subscribers in Q4 and that it would cut its spending plans for 2023 in light of the weak global economy and as its 5G rollout nears completion. This statement was made during an investment conference hosted by Citi at the beginning of the year.
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