Verizon misses quarterly revenue estimates on slow U.S. smartphone upgrades

Verizon missed quarterly revenue estimates on Monday due to slow smartphone upgrades in the United States, dulling strong growth in wireless subscribers and sending shares of the telecom firm down 3.4% in pre-market trading.

Reuters:
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Verizon reported second-quarter revenue of $32.8 billion, compared with analysts’ average estimate of $33.06 billion, according to LSEG data.

Analysts have said Verizon is reeling from a historically low number of people upgrading their phones, although that could change when Apple releases its latest iPhones with artificial intelligence (AI) features, later this year.

Generative AI smartphones will be the next driver of growth for the smartphone market in the second half of the year after 5G and foldables, research firm IDC said last week.

Verizon said it added 148,000 net monthly bill-paying wireless phone subscribers from April to June, above analysts’ average estimate of 127,870 additions, according to Visible Alpha. It had lost 68,000 subscribers in the prior quarter.

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MacDailyNews Note: For the period ended June 30th, Verizon earnings matched the consensus estimate at $1.15 per share on an adjusted basis, down 5% from a year earlier. Revenue rose 0.6% to $32.8 billion, slightly under the consensus estimate of $33.04 billion.

Apple is scheduled to release fiscal third quarter results and business updates on Thursday, August 1, 2024, after market close, right around at 1:30 p.m. PT / 4:00 p.m. ET. The compnay will hold a conference call with analysts thirty minutes later at 2:00 p.m. PT / 5:00 p.m. ET.
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