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Verizon Stock Soars Following Better-Than-Expected Q3 Earnings, Raises 2023 Free Cash Flow Forecast

Verizon's Q3 performance prompted 8% stock increase, its largest in 15 years, as it outperformed analysts' expectations for both revenue and earnings per share; the telecom giant also saw an increase of 100,000 in postpaid phone net additions.

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Overview

  • Verizon demonstrated strong Q3 performance, with a revenue of $33.34 billion, outperforming the estimated $33.25 billion, and adjusted EPS of $1.22, compared to the predicted $1.18.
  • The addition of 100,000 postpaid phone net additions surpassed Wall Street's estimate of 62,000, contributing to the 8% rise in Verizon's stock - its largest increase in nearly 15 years.
  • Even though Verizon noted a fall in cellular subscribers, it saw a boost in its home and business wireless business, which drove the Q3 earnings.
  • Verizon's 2023 outlook was adjusted with a forecast of more than $18 billion in free cash flow, marking an increase of $1 billion from the previous guidance.
  • The telecom giant managed to attract more subscribers than anticipated in the competitive third quarter, due in part to its high-speed 5G network and promotional offerings.