Verizon Communications posted first quarter earnings that beat expectations. However, the telecom company lowered its full-year forecast for wireless revenues and profit growth.
The company’s adjusted non-GAAP earnings for the three months ending in March grew +3% from the year-ago quarter to $1.35 per share, largely in-line with analysts’ expectations.
Revenues rose +2.1% from last year to $33.6 billion, just ahead of analysts' estimates of $33.55 billion.
Looking ahead, Verizon expects 2022 financial year adjusted earnings to come in at the lower end of its prior forecast of a 2% to 3% growth rate. It projects revenues growth at the lower end of its 9% to 10% forecast.