<p>Verizon (NYSE: VZ) earnings for the first quarter of 2020, VZ shares fell lower on Friday. This comes after reporting adjusted earnings per share (EPS) of $ 1.26, which did not beat the Wall Street estimate of $ 1.23. However, the wireless company’s revenue of $ 31.61 billion is below analysts’ estimates of $ 32.4 billion.
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Let’s take a closer look at the latest Verizon earnings report.
Adjusted earnings per share increased by 5% from $ 1.20 during the same period last year. Revenue was 1.62% lower than $ 32.13 billion from the first quarter of 2019. Operating profit of $ 6.58 billion is a decrease of 14.66% compared to the same period last year from $ 7.71 billion. Verizon’s earnings report also includes a net profit of $ 4.29 billion. That is a decrease of 16.86% from the company’s net income of $ 5.16 billion in the same period the year before.
Hans Vestberg, Chairman and CEO of Verizon, said this in the earnings report:
“We emerge stronger from this crisis and know we are providing critical connections to our customers, and especially our first responders, while maintaining our commitment to investing in our 5G and fiber strategies.”
Verizon is also updating the outlook for 2020 in light of the new coronavirus. This causes it to withdraw its revenue guidance. In terms of adjusted EPS growth, it is now expected to vary from -2% to 2%. The previous guidance was for 2020 adjusted EPS growth of 2% to 4%.
The VZ share fell almost 1% as of Friday afternoon.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/04/verizon-earnings-drop-vz-stock/.
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