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Verizon Stock Slip After Trimming 2022 Sales, Profit Guidance Following Muted Q1 Earnings

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Verizon said 2022 sales and earnings would likely come in at the lower end of the carrier’s prior forecasts.

Verizon Communications (VZ) – Get Verizon Communications Inc. Report posted modestly stronger-than-expected first quarter earnings Thursday but trimmed its full-year forecast for wireless revenues and profit growth.

That forecast was partly offset by a smaller-than-expected loss of 36,000 monthly phone subscribers, wireless carriers’ most-valuable customers, thanks in part to bundled home broadband offerings on its expanding 5G network.

Verizon said adjusted non-GAAP earnings for the three months ending in March were pegged at $1.35per share, up 3% from the same period last year and largely in-line with the Street consensus forecast. Group revenues, Verizon said, rose 2.1% from last year to $33.6 billion, just ahead of analysts’ estimates of a $33.55 billion tally.

Looking into the 2022 financial year, Verizon said adjusted earnings would come in at the lower end of its prior forecast of a 2% to 3% growth rate, while revenues, would grow at the lower end of its 9% to 10% forecast.

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“Our operational performance in the first-quarter further positions Verizon for long-term growth and increases our competitive standing in mobility, nationwide broadband, the value market, and above the network business solutions and applications,” said CEO Hans Vestberg.

“We continue to accelerate our C-Band network build with our goal of reaching at least 175 million people by the end of the year and, with the recent early clearing spectrum announcement, we now have the ability to deploy more of this spectrum a full year sooner,” he added

Verizon shares were marked 1.4% lower in pre-market trading immediately following the earnings release to indicate an opening bell price of $54.25 each.

Earlier this week, AT&T (T) – Get AT&T Inc. Report said it added 691,000 mobile customers over the first quarter, noting that core wireless revenues — including broadband — rose 2.5% from last year to $29.7 billion.

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