What to expect from Verizon’s next quarterly earnings report – TradingView News

Verizon Communications Inc. is headquartered in New York. W-Z CAKE provides communications, technology, information, and entertainment products and services to consumers, businesses, and government entities. The company, valued at $175.69 billion at market capitalization, offers wireless and wireline communications services and products and network access to deliver IoT services and products. The telecommunications major is expected to report its fiscal second quarter 2024 earnings before the market open on Monday, July 22.

Ahead of the event, analysts expect VZ to report earnings of $1.15 per share on a diluted basis, down 5% from $1.21 per share in the year-ago quarter. The company has consistently topped Wall Street earnings per share estimates in its last four quarterly reports. In the previous quarter, VZ reported 151,000 fixed wireless accounts, its best quarterly result to date.

For fiscal 2024, analysts forecast VZ will post earnings per share of $4.59, down 2.6% from earnings per share of $4.71 in fiscal 2023.

VZ stock has underperformed the S&P 500 ($SPX)’s 22.9% return over the past 52 weeks, while its shares have gained 11.5% in that time frame. However, it has outperformed the US Telecommunications iShares ETF’s (IYZ) loss of 1.7% over the same period.

On May 30, VZ shares closed more than 2% higher after the company signed a contract with the U.S. Navy to provide wireless equipment and services worth $2.67 billion over ten years.

VZ shares closed down more than 4% on April 22 after the company reported first-quarter results. Operating income was $33 billion, missing the consensus estimate of $33.2 billion. Adjusted earnings per share were $1.15, down from $1.20 in the year-ago quarter. Total wireless revenue rose 3.3% year over year to $19.5 billion, driven by pricing initiatives and continued growth in the fixed wireless broadband segment. Postpaid customer losses were 158,000.

The consensus view on VZ stock is Bullish, with an overall rating of “Moderate Buy.” Out of 22 analysts covering the stock, seven recommend a “Strong Buy” rating, three suggest a “Moderate Buy” rating, and the remaining 12 analysts assign a “Hold” rating.

The average analyst price target for VZ shares is $44.92, indicating a potential upside of 7.6% from current levels.

On the date of publication, Dipanjan Banchur did not hold (directly or indirectly) a position in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. For more information, please refer to Barchart’s Disclosure Policy here.