A Verizon store in San Francisco, California
David Paul Morris/Bloomberg
Verizon stock is rising after the communications giant reported earnings that topped analyst forecasts.
Verizon reported an adjusted profit of 1.41 a share, beating forecasts for $1.36 a share, on sales of $$32.9 billion, below expectations for $33.2 billion. Verizon also raised its guidance to a range of $5.35 to $5.40 from a range of $5.25 to $5.35. That’s above analyst expectations for $5.31.
“We had a strong third quarter, delivering on our strategy and growing in multiple areas,” Verizon CEO Hans Vestberg said in the earnings release. “We are increasing our 2021 guidance, and we continue to expand our 4G LTE and 5G network leadership. We fully expect to have a strong finish to the year as we accelerate deployment of 5G to our customers across the country.”
Verizon stock has advanced 0.6% in premarket trading. Shares of Verizon have dropped 11% this year through Tuesday’s close, while the S&P 500 has gained 20% and the Dow Jones Industrial Average has risen 16%.
Write to Ben Levisohn at [email protected]
