Verizon Shares Tumble 5% Amid Growth Concerns in Telecom Battle
1min read Verizon Communications shares fell 5.03% on October 22, marking a two-day decline of 5.66%, with the stock hitting its lowest intraday level since August 2024. This downturn reflects ongoing market concerns about the company's growth prospects amid competitive pressures in the telecommunications sector.
Verizon reported third-quarter operating revenue of $33.3 billion, matching the same period last year and slightly below market expectations of $33.45 billion. The adjusted earnings per share stood at $1.19, down from $1.22 in the prior year, yet slightly surpassing the forecasted $1.18. The company achieved an adjusted EBITDA of $12.5 billion, a 2.5% increase year-over-year, beating the estimated $12.44 billion.
Earlier in the year, Verizon disclosed interim results as of June 30, 2024, noting operating revenues of $65.777 billion, representing a modest 0.41% year-on-year increase. The net income reported was $9.424 billion, with basic earnings per share at $2.18. These figures outline Verizon's consistency in generating revenue despite the saturated market.
Verizon, registered in Delaware, operates as a holding company providing communication, technology, information, and entertainment products and services globally. It aims to fulfill customer needs for mobility, reliable network connectivity, and security, offering a comprehensive suite of data, video, and voice solutions over its network and platforms.
