Verizon Communications Inc. (NYSE: VZ) on Tuesday reported lower revenues and adjusted earnings for the third quarter of 2023.
The telecom giant’s third-quarter adjusted earnings declined to $1.22 per share from $1.32 per share in the comparable period of last year. Unadjusted profit dropped to $4.88 billion or $1.13 per share from $5.02 billion or $1.17 per share last year.
Total operating revenues decreased 2.6% annually to $33.3 billion during the three-month period. Both Services and Wireless Equipment revenues decreased.
“We continued to make steady progress in the third quarter with a clear focus on growing wireless service revenue, delivering healthy consolidated adjusted EBITDA, and increasing free cash flow,” said Verizon’s CEO Hans Vestberg.