Verizon Beats Revenue Estimates

Verizon Communications has reported fiscal fourth-quarter revenue and postpaid net additions that surpassed expectations. The company's adjusted earnings for the quarter were $1.08 per share, in line with analyst forecasts and down from last year's $1.19 per share.

Verizon's revenue for the quarter totaled $35.1 billion, beating Wall Street expectations of $34.6 billion. The company experienced revenue growth in its wireless service sector, where sales increased by 3.2% year-over-year to reach $19.4 billion. However, total business revenue dropped by 3.6% to $7.6 billion.

In a recent filing, Verizon disclosed a non-cash goodwill impairment charge of $5.8 billion for its Business Group division, which offers internet and landline plans to businesses. The company stated that the division had been facing "secular declines, as well as continuing competitive and macroeconomic pressure."

Looking ahead to fiscal 2024, Verizon expects adjusted earnings to range between $4.50 and $4.70 per share. This estimate slightly differs from the analyst consensus of $4.60 per share.

Shares of Verizon have only declined by 0.1% over the past 12 months, whereas its competitor AT&T experienced a significant drop of 12% in the same period. AT&T is expected to release its fourth-quarter earnings on Jan. 24th.