Scalper1 News
Verizon Communications ( VZ ) early Thursday reported in-line Q1 EPS but its revenue missed Wall Street views. The phone company reiterated guidance for flat full-year adjusted earnings. Verizon said current-quarter profit could be pressured by the strike of 39,000 wireline workers, which began April 13. Verizon said Q1 profit rose 4% to $1.06 from the year-earlier period, with revenue rising less than 1% to $32.17 billion. Analysts had modeled revenue of $32.46 billion. Excluding AOL, acquired in June 2015, Verizon said Q1 revenue fell 1.5%. Wireless revenue fell 1.4% to $22 billion. Verizon, which has stated its interest in acquiring Yahoo ( YHOO ), had $104 billion in net debt as of March 31, down slightly from $109 billion a year earlier. Verizon said it had a net loss of 8,000 postpaid phone subscribers, far less than the 138,000 postpaid phone customers shed in the year-earlier period. The company said it added 36,000 FiOS video customers in Q1, down from the 90,000 added in Q1 2015. It added 98,000 FiOS Internet customers, down from 133,000. In early April, Verizon closed a deal to sell wireline assets in California, Florida and Texas to Frontier Communications ( FTR ) for $10.5 billion. Verizon stock was down 2% in premarket trading Thursday, near 52. Verizon stock touched a 16-year high of 54.49 on April 5. Top rival AT&T ( T ) is slated to report its Q1 earnings on April 26. Scalper1 News
Scalper1 News