Verizon Losing Subscriber Growth
Video: Bloomberg discusses the Verizon (VZ) quarterly earnings report as the wireless carrier admitted its subscriber growth fell to its lowest level in six years. The company stood firm on its pricing while other wireless carriers such as AT&T and T-Mobile took more of a competitive stance on pricing.
Shares were sliding over 2% this morning after the telecom giant reported Q3 adjusted EPS of $1.01, down from $1.04 in the year-ago quarter, but ahead of the Street’s forecast of $0.99. Revenues for the quarter were $30.94 billion, down from $33.16 billion in Q3 of 2015, but just short of the analyst forecast of $31.07 billion.
The stock is up 6.08% YTD versus the S&P 500 (SPY) is up 5.11% YTD. It also gives you a fat 4.59% annual dividend. The company is the overall leader in the wireless industry with 112 million retail customers and has coverage over 95% of the U.S. population.
Information Credit: Portions of this text were taken from the Charles Schwab newswires to correctly state quarterly earnings.