Verizon (NYSE: VZ), the giant telecommunication company, published mixed financial results on Tuesday. Its total revenue came in at $32.9 billion, which was 1.9% below where it was in the same quarter in 2022. The results missed the analysts forecasts by $740 million.
The company’s wireless revenue jumped by 3% to $18.9 billion while total consumer revenue dropped by 1.7% to $24.9 billion. Its business solutions segment’s revenue dropped by 2.8% to $7.5 billion. Verizon’s total broadband users increased by 437k while its postpaid phone lost 127k customers. Retail postpaid customers increased by 633k in the first quarter.
Other parts of the business were also strong. The company’s free cash flow rose to $2.3 billion while cash flow from operations came in at $8.3 billion. In a statement, the company’s CEO said:
“Last month, we announced that our 5G Ultra Wideband now reaches more than 200 million people as we continue to undergo the most aggressive network deployment in our company’s history. With our mobile and broadband capabilities, and our focus on network strength, we are giving more customers in more places a superior network experience.”
Verizon is seeking to grow its market share by investing in its network as it continues to compete with the likes of AT&T and T-Mobile.
Verizon stock price has dropped by 7.53% this year as concerns about its business remained. The shares dropped by 70 basis points in the pre-market session.
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