Verizon Communications Results Lifted by Price Hikes

By Ben Glickman

Verizon Communications' revenue was up slightly in the first quarter as the company lost fewer postpaid phone connections than expected and benefited from higher prices for its plans.

The wireless carrier reported a profit of $4.72 billion, or $1.09 a share, in the quarter ended March 31, compared with $5.02 billion, or $1.17 a share, a year earlier. Analysts polled by FactSet had expected per-share earnings of $1.09.

Stripping out certain one-time items, adjusted per-share earnings came to $1.15, ahead of the $1.12 forecast by analysts, according to FactSet.

Revenue rose 0.2% to $32.98 billion, missing the $33.23 billion expected by analysts polled by FactSet.

Verizon had a net loss of 68,000 postpaid phone connections in the quarter, compared with a net loss of 127,000 a year earlier. Analysts were expecting a net loss of about 100,000.

The company posted 389,000 broadband net additions in the quarter, which included 53,000 Fios Internet net additions.

Verizon said the benefits of price increases from past quarters were offset by a drop in wireless equipment revenue from decreased upgrades.

Chief Executive Hans Vestberg said the company was on track to meet its financial guidance for the year and deliver net additions in consumer postpaid phone connections.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

April 22, 2024 07:32 ET (11:32 GMT)

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