Telecom giant Verizon Communications Inc. (NYSE: VZ) on Friday reported a decline in net profit for the third quarter of 2022, despite an increase in revenues.
Third-quarter adjusted earnings declined to $1.32 per share from $1.42 per share in the comparable period of last year. Analysts were looking for a lower bottom line number. Unadjusted profit dropped to $5.02 billion or $1.17 per share from $6.55 billion or $1.55 per share last year.
Meanwhile, total operating revenues increased 4% annually to $34.24 billion during the three-month period, which was also above the consensus forecast.
Check this space to read management/analysts’ comments on Verizon’s Q3 2022 report
“The pricing actions we took earlier this year, as well as our new cost savings program, show that we are being deliberate and strategic in our decisions to strengthen our business. At the same time, we are focused on executing our 5G strategy, as we are covering every major market and accelerating our C-Band network build. We are on track to reach 200 million POPs within first-quarter 2023,” said Verizon’s CEO Hans Vestberg.