Verizon Communications (VZ) shares edge lower as Q1 results uninspiring

Verizon Communications (NYSE: VZ) has edged lower premarket Tuesday after a slight first-quarter earnings beat, although revenue came in below expectations.

The telecommunications firm posted earnings of $1.20 per share in the first quarter, $0.01 better than the analyst estimate of $1.19, while revenue, which fell 1.9% YoY, came in at $32.9 billion versus the consensus estimate of $33.61 billion.

Verizon shares are down 0.5% at the time of writing, below the $37 per share mark.

The company reported that total broadband net additions were 437,000, representing the largest result in more than a decade, due to strong demand for fixed wireless and Fios products. However, it also saw postpaid phone net losses of 127,000.

"Our operational and financial results reflect the steps that we have taken to improve our performance," commented Verizon Chairman and CEO Hans Vestberg. "Compared to this time last year, we have added more postpaid phone gross additions to our network and have increased our cash flow from operations and free cash flow."

Looking forward, Verizon sees FY2023 EPS from $4.55 to $4.85, versus the consensus of $4.70, with total wireless service revenue growth of between 2.5% and 4.5%.

By Sam Boughedda

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