With revenue of $29.8 billion, Verizon’s first quarter earnings fall short of analyst expectations


Verizon simply launched its first quarter earnings outcomes, with adjusted earnings per share of 95 cents on income of $29.eight billion.

Revenue (minus divestitures and acquisitions) is down four.5 % from the primary quarter of 2016. The numbers additionally fall in need of what analysts had been predicting: EPS of 96 cents per share on income of $30.5 billion.

Verizon says there was a internet decline of 307,000 wi-fi postpaid connections previously quarter. However, it additionally says the launch of its Unlimited knowledge plan “positively changed the trajectory of customer additions” — after the February launch, Verizon says it added 109,000 postpaid connections.

On the digital media aspect, Verizon says AOL (which owns TechCrunch) noticed income (minus site visitors acquisition prices) lower four % year-over-year, a decline it attributes to the expansion of programmatic promoting. Internet of Things income was up 17 %.

“Our first-quarter results again demonstrated that customers value a high-quality network experience,” stated Verizon CEO Lowell McAdam within the earnings launch. “To build on our loyal customer base and the third-party recognition we have received for network leadership, we extended our wireless and fiber network capabilities, began offering an unlimited pricing option and expanded our opportunities in new markets. We’re executing on strategies to capture future growth and create long-term shareholder value.”

Earlier this week, McAdam advised Bloomberg that Verizon can be open to merger talks with Comcast, Disney or CBS: “If [Comcast CEO Brian Roberts] came knocking on the door, I’d have a discussion with him about it.”

Of course, Verizon nonetheless wants to finish its acquisition of Yahoo, which it plans to mix with AOL right into a digital media group referred to as Oath.

As of 8am Eastern, Verizon shares have been down 2.three % in pre-market buying and selling.

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