Verizon Disappoints Wall Street, But Beats This Rival
Verizon Communications Inc (NYSE:VZ) has reported subscriber additions at 882,000, off analysts’ expectation of a million plus figure. Even so, it was much better than rival AT&T (NYSE:T), which reported less than half of this the previous day.
Profits rose to $1.38 billion (49 cents per share) from $659 million (23 cents per share) over the same quarter in the previous year. These were in line with expectations on the Street. Revenues were ahead, rising to $27.9 billion from the previous $ 26.5 billion, whereas analysts expected $27.88 billion.
The company maintained its guidance of growth in earning per share for 2011 at 5-8 per cent and revenue growth of 4-8 per cent. CE Lowell McAdam stated “we faced significant challenges in recent months, yet delivered results that keep us on track to meet our 2011 earnings and revenue guidance, with great momentum expected entering 2012.” Verizon (NYSE:VZ) had faced network outages due to storms and a labor strike.
VZ is trading at $37.14 today, up 0.11%. Shares are up 14.08% in one year. The stock’s trading range for the year is between $31.60 and $38.95.