Verizon Communications Inc. shared on Monday that its total operating revenue for the opening quarter of fiscal 2024 increased by 0.2% year-over-year, to reach $33 billion. The figure fell short of market projections.
For the corresponding timeframe, the company's net income was down by 6% to land at $4.7 billion on an annual basis, going by $1.09 earnings per share compared with $1.17 per share in the first quarter of 2023. The telecommunications company's total wireless service revenue jumped 3.3% to $19.5 billion during the reported quarter.
"We are on track to meet our financial guidance and to deliver positive Consumer postpaid phone net adds for the year. Our fixed wireless subscriber base is continuing to grow rapidly, and our network remains the best in the industry, by far," CEO Hans Vestberg said.
Verizon's shares were 2.37% higher in premarket trade after the release of the report, trading at $41.45 apiece.
