Verizon Communications Earnings: Here’s Why Shares are Down Now
Verizon Communications Inc. (NYSE:VZ) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 1.94%.
Verizon Communications Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 14.06% to $0.73 in the quarter versus EPS of $0.64 in the year-earlier quarter.
Revenue: Rose 4.32% to $29.79 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Verizon Communications Inc. reported adjusted EPS income of $0.73 per share. By that measure, the company beat the mean analyst estimate of $0.72. It missed the average revenue estimate of $29.83 billion.
Quoting Management: “Verizon’s consistent strategic investments in wireless, FiOS and global networks drove strong financial performance in the first half of 2013,” said Lowell McAdam, Verizon chairman and CEO. “Having posted double-digit earnings growth in five of the last six quarters, we are focused on continuing to provide the best portfolio of products on the most reliable networks; capturing incremental revenue growth in broadband, video and cloud services; and sustaining our earnings and cash-flow momentum.”
Key Stats (on next page)…