Verizon Communications reported first-quarter earnings that exceeded Wall Street expectations, yet its stock fell due to higher-than-expected losses in postpaid phone subscribers. For the quarter ending March 31, Verizon’s adjusted earnings were $1.19 per share, up from the previous year, with revenue increasing to $33.5 billion. Analysts had anticipated earnings of $1.15 per share and revenue of $33.3 billion. Wireless service revenue climbed 2.7% to $20.8 billion. Despite launching a three-year price lock-in offer in April, Verizon lost 289,000 wireless postpaid phone subscribers, surpassing estimates of a 197,000 loss. Postpaid subscribers are the highest-spending wireless customers. Verizon added 308,000 fixed wireless broadband customers, bringing its total to 4.8 million. Verizon stock dropped 3.6% in early trading, testing its 200-day moving average. The company also announced plans to acquire Frontier Communications for $20 billion, aiming to expand its fiber network. This acquisition is expected to close in about 18 months.
— new from Investor’s Business Daily
