Verizon (NYSE:VZ) stock is falling on Friday following an update to its guidance in its earnings report for the second quarter of 2022.
The big news here is that Verizon now expects adjusted earnings per share of $5.10 to $5.25 for the full year of 2022. That’s a drop from its previous guidance range of $5.40 to $5.55 per share. That’s also not looking good next to Wall Street’s adjusted EPS estimate of $5.41 for the year.
Adding to that problem is the company’s adjusted EPS of $1.31 for the second quarter of 2022. This is below the $1.32 per share that analysts were looking for. Also, it’s less than the $1.40 per share reported in the same period of the year prior.
It’s also worth mentioning that Verizon reported revenue of $33.8 billion for the second quarter of the year. That’s just above the $33.75 billion that Wall Street was expecting for the quarter. It’s also relatively unchanged from the wireless company’s Q2 2021 revenue.
Matt Ellis, CFO of Verizon, said the following in the earnings report:
Although recent performance did not meet our expectations, we remain confident in our long-term strategy. We believe that our assets position us well to generate long-term shareholder value.
VZ is seeing heavy trading on Friday with some 21.5 million shares on the move. This has already surpassed its daily average trading volume of 21.4 million shares.
VZ stock is down 7% 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.
