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published in Blogs
Apr 22, 2022
Verizon (VZ, $51.76) beats Q1 earnings expectations

Verizon (VZ, $51.76) beats Q1 earnings expectations

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.

Related Tickers: VZ
Related Portfolios: TELECOMMUNICATION SECTOR