VZ Verizon Communications Inc

By Will Feuer

Verizon Communications posted a small drop in revenue after lower wireless equipment sales offset healthy wireless subscriber gains and price increases.

The wireless carrier reported a loss of $2.71 billion, or 64 cents a share, compared with a profit of $6.58 billion, or $1.56 a share, in the same period a year earlier.

Stripping out one-time items, including billions in charges tied to the company's business segment, adjusted earnings were $1.08 a share, matching analysts' expectations.

Revenue edged about 0.3% lower to $35.1 billion. Analysts surveyed by FactSet had expected $34.6 billion.

Postpaid phone net additions accelerated to 449,000, up from 217,000 in the same period last year. Analysts surveyed by FactSet had expected about 232,000 additions.

For 2024, Verizon is targeting adjusted earnings of $4.50 a share to $4.70 a share. Analysts surveyed by FactSet were expecting $4.60 a share.

Verizon is expecting 2024 wireless service revenue growth of 2% to 3.5%.

Chief Executive Hans Vestberg said that "2023 was a year of change. We have the right assets and the best team in place and are well-positioned for growth in 2024."

The company added 375,000 fixed-wireless customers, bringing the subscriber base to over 3 million. Verizon added 55,000 Fios internet customers, down 4,000 from a year earlier.

Wireless service revenue rose 3.2%, driven by higher prices and more customers taking up the company's premium plans.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 23, 2024 07:45 ET (12:45 GMT)

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