Verizon Communications (NYSE:VZ) lost fewer-than-expected wireless subscribers in the first quarter. The telecommunication major lost 68,000 wireless retail postpaid subscribers compared to a loss of 127,000 subscribers in the same period last year. This was lower than analysts’ estimates of a loss of 100,000 subscribers. Verizon’s wireless retail postpaid net additions stood at 253,000 in the first quarter.
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The company’s Q1 revenues inched higher by 0.2% year-over-year to $33 billion but fell short of consensus estimates of $33.23 billion. Verizon’s total wireless revenues increased 3.3% year-over-year to $19.5 billion.
Verizon reported adjusted earnings of $1.15 per share, compared with $1.20 in the same period last year, and surpassed analysts’ estimates of $1.12 per share.
Is Verizon a Buy or Sell?
Analysts are cautiously optimistic about VZ stock, with a Moderate Buy consensus rating based on nine Buys, eight Holds, and one Sell. Over the past year, VZ has increased by more than 12%, and the average VZ price target of $44.39 implies an upside potential of 9.6% from current levels. These analyst ratings will likely change following VZ stock’s Q1 earnings today.
