By Katherine Hamilton
Verizon Communications reported a rise in first-quarter earnings but postpaid phone losses increased.
The telecommunications provider on Tuesday said it is still on course to meet its yearly goals.
However, shares fell 4.2% in premarket trading to $4.14. Year-to-date, the stock has risen about 7.4%.
Verizon posted a profit of $5 billion, or $1.15 a share, in the first quarter, compared with $4.7 billion, or $1.09 a share, a year earlier.
Stripping out certain one-time items, adjusted per-share earnings were $1.19, ahead of the $1.15 forecast by analysts, according to FactSet.
The telecommunications provider reported total postpaid phone net losses of 289,000 in the latest period, wider than 114,000 postpaid phone net losses in the year-ago period.
Revenue rose 1.5% to $33.5 billion. Analysts surveyed by FactSet forecast revenue of $33.28 billion.
Verizon's wireless service revenue rose 2.7% and consumer revenue rose 2.2%, while sales from its business segment were down 1.2%. It also added 339,000 net additions to its broadband business and is on track to achieve 8 million to 9 million fixed wireless access subscribers by 2028, it said.
The company said it remains confident in achieving its 2025 goals and full-year guidance. It still expects annual adjusted earnings to range from flat to up 3% from the prior year, when they were $4.59 a share.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
April 22, 2025 08:21 ET (12:21 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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