Verizon (NYSE:VZ) earnings for first quarter of 2020 have VZ stock dipping lower on Friday. This comes after reporting adjusted earnings per share (EPS) of $1.26, which does beat out Wall Street’s estimate of $1.23. However, the wireless company’s revenue of $31.61 billion is below analysts’ estimates of $32.4 billion.
Now, let’s take a closer look at the most recent Verizon earnings report.
- Adjusted per-share earnings are up 5% from $1.20 during the same time last year.
- Revenue comes in 1.62% lower than the $32.13 billion from the first quarter of 2019.
- Operating income of $6.58 billion is a 14.66% decline year-over-year from $7.71 billion.
- The Verizon earnings report also includes a net income of $4.29 billion.
- That’s a 16.86% drop from the company’s net income of $5.16 billion in the same period of the year prior.
Hans Vestberg, chairman and CEO of Verizon, said this in the earnings report:
“We will emerge from this crisis stronger, knowing we provided critical connectivity to our customers, and especially our first responders, while maintaining our commitment to investing in our 5G and Fiber strategies.”
Verizon also updates its outlook for 2020 in light of the novel coronavirus. This has it withdrawing its revenue guidance. When it comes to adjusted EPS growth, it now expects it to range from -2% to 2%. The previous guidance was for 2020 adjusted EPS growth of 2% to 4%.
VZ stock was down almost 1% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.