Investing.com -- Verizon Communications Inc. (NYSE: VZ) reported first-quarter results that exceeded earnings expectations while revenue fell short of analyst estimates, though the company raised its full-year earnings guidance.

The telecommunications company posted its first positive first-quarter postpaid phone net additions since 2013, driving a 4.9% premarket stock gain.

The company reported adjusted EPS of $1.28, beating the analyst consensus of $1.21. However, revenue of $34.4 billion missed the estimate of $34.82 billion, though it represented a 2.9% increase YoY. The revenue shortfall was attributed to the company's disciplined approach to promotional spending and moderated upgrade activity, which impacted wireless equipment revenue. Additionally, first-quarter results included an 80 basis point impact to wireless service revenue growth due to a January network outage.

Verizon raised its fiscal 2026 adjusted EPS guidance to a range of $4.95 to $4.99, representing YoY growth of 5.0% to 6.0%. The midpoint of $4.97 exceeds the analyst consensus of $4.91. The company also raised its total retail postpaid phone net additions guidance to the upper half of the 750,000 to 1 million range.

"Our first-quarter 2026 results show that our turnaround is not only progressing, it is gaining momentum," said CEO Dan Schulman. "We are beginning to reclaim our market leadership by putting the customer at the center of everything we do, reducing friction to increase loyalty and create genuine value."

The company reported total postpaid phone net additions of 55,000, a YoY improvement of over 340,000. Consolidated adjusted EBITDA grew 6.7% YoY to $13.4 billion, while cash flow from operating activities reached $8.0 billion, up 2.6% from the prior year period.