Verizon Communications Inc. announced on Friday that its total operating revenue in the second quarter of the fiscal year 2022 remained relatively the same as in the same period in 2022, rising by just 0.1% to reach $33.8 billion. The company's operating income went down by 7.5% year-on-year to land at $7.55 billion, while its net income fell by 10.7% to $5.31 billion. Its diluted earnings per share (EPS) declined by 11.4% on an annual level to stand at $1.24 per share.
"As the market leader, in a very competitive industry, we are determined to improve our operational and financial performance for the second half of the year. With our network-as-a-service foundation, our new consumer mobility plans, and recent pricing actions, we are being deliberate in our decisions to improve our profitable growth opportunities today and into the future," Verizon Chairman and Chief Executive Officer (CEO) Hans Vestberg commented.
Following the release of the report, Verizon's shares decreased by 5.27% in premarket trading.
