Verizon (NYSE:VZ) stock is slipping on Friday following the release of the wireless communication company’s earnings report for the first quarter of 2022.
Let’s start with the positives from the Verizon earnings report. It includes adjusted earnings per share of $1.35 on revenue of $33.6 billion. These are better than Wall Street’s estimates of $1.34 per share and revenue of $33.53 billion. However, adjusted EPS in Q1 2021 was $1.36 and revenue growth was only 2.1% year-over-year.
Despite all of that, Verizon reported a postpaid phone net loss of 36,000. In addition to that, the company’s wireless retail postpaid phone net losses were 292,000. It attributes this to “competitive dynamics within the industry.”
Another black mark on VZ stock today is the company’s outlook for the full year of 2022. The company has realigned several expectations to be at the lower end of previous guidance. Among these is adjusted EPS, which Verizon expects to come in at the lower end of its $5.40 to $5.55 outlook. For the record, Wall Street is looking for the company to report an adjusted EPS of $5.45 in 2022.
Verizon CFO Matt Ellis said the following in the earnings report.
“At our Investor Day last month, we presented our strategy for investing in and growing the business to generate an incremental $14 billion of service and other revenue by 2025. The bottom-line performance of our results today shows the strength of our core business to deliver profitability, even during a period of significant investment.”
Following the release of its most recent earnings report, VZ stock is seeing weak trading today. As of Friday morning, around 12 million shares of the company’s stock have changed hands. That’s well below its daily average trading volume of about 24.9 million shares.
VZ stock is down 5.3% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.