Verizon Q3 Results Top Estimates; Backs FY23 Outlook

(RTTNews) - Telecom major Verizon Communications Inc. (VZ) reported Tuesday that its third-quarter net income attributable to the company decreased 2.8 percent to $4.88 billion from $5.02 billion last year. Earnings per share were $1.13, down from $1.17 in the prior year.

Excluding special items, adjusted earnings for the quarter was $1.22 per share, compared to last year's $1.32 per share.

On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $1.11 per share for the quarter. Analysts' estimates typically exclude special items.

Total operating revenue for the quarter decreased 2.6 percent to $33.3 billion from last year. Analysts expected revenues of $31.36 billion for the quarter.

The company said it ended the quarter with approximately 10.3 million broadband subscribers, an increase of nearly 21 percent year over year.

Looking ahead to fiscal 2023, Verizon continues to expect adjusted earnings in the range of $4.55 to $4.85 per share on total wireless service revenue growth of 2.5 percent to 4.5 percent. The Street is looking for earnings of $4.42 for the year.

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