Telecom giant Verizon Communications Inc. (NYSE: VZ) on Tuesday reported a decline in adjusted earnings and revenues for the first quarter of 2023.
First-quarter adjusted earnings declined to $1.20 per share from $1.35 per share in the comparable period of last year. Unadjusted profit, meanwhile, rose to $5.02 billion or $1.17 per share from $4.71 billion or $1.09 per share last year.
Total operating revenues decreased 1.9% annually to $32.9 billion during the three-month period, with both operating segments contracting.
“Last month, we announced that our 5G Ultra Wideband now reaches more than 200 million people as we continue to undergo the most aggressive network deployment in our company’s history. With our mobile and broadband capabilities, and our focus on network strength, we are giving more customers in more places a superior network experience,” said Verizon’s CEO Hans Vestberg.