Verizon Communications Inc VZ shares are trading lower Thursday in sympathy with AT&T Inc T, which reported financial results and cut guidance.
AT&T updated its 2022 free cash flow outlook due to timing of customer collections, incremental success-based investments tied to higher subscriber growth and lower Business Wireline operating income.
The company lowered its full-year free cash flow expectations from the $16 billion range to the $14 billion range.
Verizon is set to announce its second-quarter financial results before the market opens on Friday. Analysts expect the company to earn $1.32 per share on quarterly revenue of $33.7 billion, according to data from Benzinga Pro.
Verizon also announced an agreement to build a private 5G ultra wideband network with Virginia International Terminals on Thursday. The deal is Verizon's second deal with a major international port and its first with a U.S.-based terminal.
VZ Price Action: Verizon has a 52-week high of $56.85 and a 52-week low of $45.54.
The stock was down 3.55% at $47.33 at time of publication.
Photo: Mike Mozart from Flickr.
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