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Verizon Communications Inc. (NYSE: VZ) delivered better-than-expected adjusted earnings for the second quarter. However, its revenue came in slightly below the Street analysts' estimations.
The telecom service provider reported net income of $831 million or $0.17 a share, sharply down from $4.35 billion or $1.04 a share in the year-ago quarter. On an adjusted basis, its earnings would have been $0.94 a share. That was $0.02 a share higher than the Street analysts' estimations of $0.92 a share.
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Verizon's operating revenues fell 5.3 percent to $30.53 billion from $32.22 billion in the previous year quarter and came in below the Street analysts' predictions of $30.95 billion.
Chairman and CEO, Lowell McAdam, commented on the results, "Verizon's second quarter shows that the company continues to deliver strong results while evolving operations and advancing a strategy to sustain network leadership, build new ecosystems and deliver the promise of the digital world to customers."
Going forward, the telecom service provider expects its current year adjusted earnings to be at a level comparable to 2015. This excluded the $0.07 per-share impact of the 2016 work stoppage. Analysts are looking for earnings of $3.88 a share, i.e. $0.11 a share lower than the last year's $3.99 a share.
The stock shed 0.41 percent on Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.