2024

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">Verizon Communications Inc. (NYSE, Nasdaq: VZ) reported a solid <a href="https://www.verizon.com/about/news/verizon-delivers-strong-wireless-service-revenue-and-broadband-subscriber-growth-q2" target="_blank" aria-label="second-quarter performance (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">second-quarter performance</a> for 2024, marked by notable growth in wireless service revenue and broadband subscriber additions. <br><br>The company’s total wireless service revenue reached $19.8 billion, reflecting a year-over-year increase of 3.5%. This growth was driven by the addition of 148,000 retail postpaid phone net additions and a total of 340,000 retail postpaid net additions. The company’s retail postpaid phone churn was 0.85%, while the overall retail postpaid churn stood at 1.11%.</p>
<p>In the broadband segment, Verizon achieved double-digit subscriber growth, with total broadband net additions of 391,000 for the eighth consecutive quarter. <br><br>The company added 378,000 fixed wireless subscribers, bringing the total to over 3.8 million, a 69% increase year-over-year. Fixed wireless revenue also saw significant growth, reaching $514 million, up by more than $200 million from the previous year. <br><br>By the end of Q2 2024, Verizon had 11.5 million total broadband subscribers, a 17.2% increase year-over-year.</p>
<h3 id="verizon-s-revenue-falls-short-of-expectations-in-q2">Verizon’s Revenue Falls Short of Expectations in Q2</h3>
<p>When comparing Verizon’s actual performance against market expectations, the company reported total operating revenue of $32.8 billion, which fell slightly short of the expected $33.05 billion. This represents a 0.6% increase from the second quarter of 2023. <br><br>The company’s consolidated net income for Q2 2024 was $4.7 billion, a slight decrease from $4.8 billion in Q2 2023. Adjusted EBITDA also saw an upward trend, reaching $12.3 billion, compared to $12.0 billion in the previous year.</p>
<p>Earnings per share (<a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">EPS</a>) for the second quarter were reported at $1.09, which is slightly below the $1.10 EPS reported in Q2 2023. However, on an adjusted basis, excluding special items, EPS was $1.15, aligning with market expectations. This adjusted EPS is lower than the $1.21 reported in Q2 2023. <br><br>The financial results included a pre-tax loss from special items amounting to $355 million, primarily due to the amortization of intangible assets related to Tracfone and other acquisitions, as well as a mark-to-market adjustment for pension liabilities.</p>
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<h3 id="verizon-on-track-to-meet-full-year-2024-guidance">Verizon On Track to Meet Full-Year 2024 Guidance</h3>
<p>Verizon remains on track to meet its full-year 2024 financial guidance. The company expects total wireless service revenue growth of 2.0% to 3.5% for the year. <br><br>Adjusted EBITDA growth is anticipated to be between 1.0% and 3.0%, while adjusted EPS is projected to range from $4.50 to $4.70. Capital expenditures are forecasted to be between $17.0 billion and $17.5 billion. The company also expects an adjusted effective income tax rate in the range of 22.5% to 24.0%.</p>
<p>Verizon’s strategic focus on operational excellence and customer-centric initiatives is expected to drive these financial targets. The company has highlighted its commitment to expanding its network capabilities and introducing new products and services to sustain growth. <br><br>CEO Hans Vestberg emphasized the company’s confidence in maintaining upward momentum, leveraging its industry-leading network to support emerging technologies and customer demands.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/verizons-q2-revenue-falls-short-of-expectations-eps-in-line/">Verizon’s Q2 Revenue Falls Short of Expectations, EPS in Line</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Verizon’s Q2 Revenue Falls Short of Expectations, EPS in Line

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