Verizon Communications Inc. (NYSE: VZ) on Tuesday reported lower revenues and adjusted earnings for the fourth quarter of 2023.
The telecom giant’s fourth-quarter adjusted earnings declined to $1.08 per share from $1.19 per share in the comparable period last year. On an unadjusted basis, it was a net loss of $2.57 billion or $0.64 per share, compared to a profit of $6.70 billion or $1.56 per share last year.
Total operating revenues decreased modestly to $35.1 billion during the three months. Services revenue was almost flat while Wireless Equipment revenues decreased by 2%.
“After delivering continuous improvement throughout 2023, we ended the year strong and continue to pursue the right balance of growth and profitability,” said Verizon’s CEO Hans Vestberg.