Telecom giant Verizon Communications Inc. (NYSE: VZ) on Friday reported lower profit and flat revenues for the second quarter of 2022. The top-line slightly beat the estimates, while earnings missed by a cent.
Second-quarter adjusted earnings declined to $1.31 per share from $1.39 per share in the comparable period of last year. Unadjusted profit dropped to $5.32 billion or $1.24 per share from $5.95 billion or $1.40 per share last year. Analysts were looking for a slightly bigger bottom line number.
Meanwhile, total operating revenues remained broadly unchanged at $33.79 billion, which was slightly above the consensus forecast.
Check this space to read management/analysts’ comments on Verizon’s Q2 2022 report
“As the market leader, in a very competitive industry, we are determined to improve our operational and financial performance for the second half of the year. With our network-as-a-service foundation, our new consumer mobility plans, and recent pricing actions, we are being deliberate in our decisions to improve our profitable growth opportunities today and into the future,” said Verizon’s CEO Hans Vestberg.