Verizon Communications reported fourth quarter revenues that surpassed analysts’ expectations, while also posting better-than-expected new wireless subscribers.
Verizon’s adjusted non-GAAP earnings for the three months ending in December came in at $1.19 per share, slipping -9.2% from the same period last year but in line with Street consensus forecast.
Revenues climbed +3.5% year-over-year to $35.3 billion, topping analysts' estimates of $35.1 billion. The company’s bill-paying additions for the quarter came in at 217,000, exceeding analysts’ forecast of around 200,400 (according to FactSet).
Looking ahead, Verizon projected 2023 financial year adjusted earnings in the region of $4.55 to $4.85 per share and wireless revenue growth in the range of 8.5% and 9.5%.
"We delivered on the operational expectations and financial targets that we set in the second half of 2022," stated CEO Hans Vestberg. “We are rapidly building out our C-Band spectrum with the most aggressive network deployment in our company's history and are well positioned to improve and accelerate our performance."