Verizon beats expectations on revenue and earnings
By Josh White
Date: Wednesday 20 Oct 2021
(Sharecast News) - American communications giant Verizon beat earnings expectations for the second quarter on Wednesday, reporting adjusted earnings of $1.37 per share.
Analysts on Wall Street had pencilled in a figure of $1.30 per share.
The company - the largest mobile network operator in the United States - reported total profits of $5.8bn for the period, on revenue of $33.76bn.
That was also ahead of expectations, with markets forecasting revenue of $32.69bn.
"We are executing on our multipurpose network strategy and producing positive results in each of our five growth vectors, recording strong second quarter results," said chairman and chief executive officer Hans Vestberg.
"With more connections on our network than anyone else, our already excellent network performance improved in the quarter and was recognized by RootMetrics as the best overall network performance for the 16th time in a row.
"We are also expanding our 5G ultra wideband and 5G home markets."
Vestberg said the company was upbeat on its momentum heading into the second half.
"We are on track to close both the Tracfone and Verizon Media transactions, and will continue to bring value and choice to our customers."
Verizon's board said its expectations for the full-year were for earnings of between $5.25 and $5.35 per share.
At 0934 EDT, shares in Verizon were up 1.74% at $56.54 on the Nasdaq.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN