Market Overview

BofA Breaks Down Verizon's Q2 Earnings Beat

BofA Breaks Down Verizon's Q2 Earnings Beat

Verizon Communications Inc. (NYSE: VZ) reported second-quarter results before the market open Friday, and they were mostly ahead of expectations, according to BofA Securities.

The Verizon Analyst: David Barden maintained a Buy on Verizon Communications with a $64 price target.

The Verizon Thesis: Verizon reported second-quarter earnings of $1.18 per share, beating the consensus estimate of $1.15 per share, Barden said in the note. 

Consolidated revenue came in at $30.4 billion, slightly higher than the Street expectations of $30 billion, while adjusted EBITDA was in-line at $11.5 billion.

In the wireless segment, Verizon added a net 352,000 postpaid accounts, sharply higher than the consensus estimate of 240,000.

Among these were 173,000 new postpaid phone customers, and the postpaid phone churn of 0.58% was better than expected.

Wireless service revenue came in at $15.95 billion, marginally missing the Street expectation of $16.1 billion.

In the consumer segment, the company added a net 97,000 postpaid accounts, much better than the Street expectations of a 17,000 decline.

Postpaid phone churn of 0.51% was better than expected. Consumer revenue came in at $21.1 billion, versus the consensus estimate of $20.7 billion. Service revenue stood at $15.9 billion, a tad lower than the Street expectations of $16 billion.

The company maintained its adjusted earnings growth guidance of negative 2% to positive 2%, implying a range of $4.72 to $4.90 per share, according to BofA Securities. 

VZ Price Action: Shares of Verizon Communications were trading 0.82% higher at $56.35 at the time of publication.

Related Links:

A Look Into Verizon's Debt

7 Stocks To Watch For July 24, 2020

Photo by AutoPhoto via Wikimedia

Latest Ratings for VZ

Sep 2020Argus ResearchUpgradesHoldBuy
Jul 2020UBSMaintainsNeutral
Jul 2020ScotiaBankMaintainsSector Outperform

View More Analyst Ratings for VZ
View the Latest Analyst Ratings


Related Articles (VZ)

View Comments and Join the Discussion!

Posted-In: BofA SecuritiesAnalyst Color Earnings News Guidance Price Target Reiteration Analyst Ratings

Latest Ratings

AZORBC CapitalMaintains1,329.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at