Categories Earnings, Technology

Verizon shares tank after Q4 revenue misses estimates

Verizon Communications (VZ) posted its fourth-quarter 2018 earnings before trading hours on Tuesday, Jan. 29. Total consolidated operating revenues fell 1% in the fourth quarter to $34.3 billion, narrowly missing the Street view. This quickly sent the shares down following the announcement.

Net income fell a whopping 89% to $2.1 billion. Net attributable income sunk 90% to $1.9 billion or $0.47 per diluted share. A goodwill impairment impact of $4.59 billion regarding Oath affected the bottom line in the quarter.

Read the earnings conference transcript here.

In the quarter, Verizon added 1.2 million retail postpaid wireless connections — 653,000 phone net additions and 873,000 postpaid smartphone net additions.

With a retail postpaid churn rate of 1.08% and retail postpaid phone churn rate of 0.82%, wireless service revenue grew 1.9%.

Verizon fourth quarter 2018 Earnings Infographic

 

In Wireline, there were 54,000 Fios Internet net additions. Fios total revenue grew 2.9% year over year.

It was also during the reported quarter that the telecom giant launched its new offering — the world’s first commercial 5G broadband internet service, in some markets. The Verizon 5G Home was first offered to some parts of Houston, Indianapolis, Los Angeles, and Sacramento.

Get access to timely and accurate verbatim transcripts that are published within hours of the event

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