Telecom giant Verizon Communications Inc. (NYSE: VZ) on Tuesday reported a decline in adjusted earnings and revenues for the second quarter of 2023.
Second-quarter adjusted earnings declined to $1.21 per share from $1.31 per share in the comparable period of last year. Unadjusted profit dropped to $4.77 billion or $1.10 per share from $5.32 billion or $1.24 per share last year.
Total operating revenues decreased 3.5% annually to $32.60 billion during the three-month period. A modest increase in Services and Other revenue was more than offset by weakness in the Wireless Equipment segment.
“We look forward to extending our network leadership in the second half of the year by continuing our rapid C-Band deployment as we are laser-focused on providing value to our customers. The steps that we have taken to improve our operational performance are working, and we are confident that we will achieve our financial targets for the full year,” said Verizon’s CEO Hans Vestberg.