(Verizon) Shares of Verizon Communicates traded 6% lower on Friday after reporting an EPS of $1.09 in the first quarter of 2020, lower than $1.27 in the prior year.
The net income was $4.7 billion in the first quarter, down by 12.4% from the comparable quarter of 2021. EBITDA was $12.0 billion, down 1.1% from the prior year.
The company’s total revenue rose 2.1% year over year to $33.6 billion. The wireless service revenue rose by 9.5% from the prior year to $18.3 billion in the first quarter of 2022.
Verizon said that it booked 229,000 total broadband additions, a record in over a decade. The additions included 194,000 fixed wireless net additions, 2.5 times the fourth quarter of 2021.
The company’s guidance came disappointing, after pointing to lower-end wireless service revenue, compared to the previously forecasted 9% to 10% range.
Adjusted EBITDA and EPS increase was also forecasted at the lower end, down from previous guidance of 2%-3% and $5.40-$5.55, respectively.
VZ: NYSE is down -6.51%
