U.S. telecommunications giant Verizon (VZ) has reported mixed second-quarter financial results despite seeing strong growth in its number of broadband subscribers.
The New York City-based company announced earnings per share (EPS) of $1.15 U.S., which was in line with Wall Street expectations.
However, Verizon’s revenue in the quarter totaled $32.80 billion U.S., which slightly missed analyst forecasts that had called for $33.05 billion U.S. Sales were up 0.6% from a year ago.
The wireless internet provider also maintained its full-year 2024 financial guidance.
Despite the ho-hum Q2 results, Verizon’s wireless service revenue rose 3.5% from a year ago to $19.80 billion U.S.
At the same time, the company’s fixed wireless revenue of $514 million U.S. was more than $200 million U.S. higher than a year ago.
Verizon also announced that it ended Q2 with 11.5 million broadband subscribers, a 17% increase from a year earlier.
For all of this year, Verizon expects its total wireless service revenue to grow 2% to 3.5% and is forecasting EPS of $4.50 U.S. to $4.70 U.S.
Verizon’s stock dropped 4% in premarket trading on news of the Q2 print.
Before today (July 22), Verizon’s share price had risen 23% in the last 12 months to trade at $41.62 U.S. per share.
