Verizon' s shares hit 10-year low on Friday following release of Q3 results Verizon HEAD TOPICS

Verizon' s shares hit 10-year low on Friday following release of Q3 results

10/23/2022 7:27:00 AM

Verizon' s stock dropped to its lowest price in 10 years on Friday after the company reported its Q3 earnings

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Verizon 's stock dropped to its lowest price in 10 years on Friday after the company reported its Q3 earnings. Verizon 's stock dropped to its lowest price in 10 years on Friday after the company reported its Q3 earnings. 53% of Verizon's consumer subscribers have a 5G phoneOn the business side, Verizon added 197,000 net new postpaid phone subscribers during the three months. This allowed it to record its fifth consecutive quarter with at least 150,000 net new postpaid phone subscribers in its business unit. The churn rate for the business sector's postpaid phone business was 1.10%. Revenue for the Business Wireless group was up 5.7% on an annual basis to $3.3 billion. The increase is due to higher pricing and growth in the customer base. Read more:
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Football Friday: Palatka at Fernandina BeachIt's Football Friday and students are getting excited for tonight's Game of the Week. News4JAX reporter Aaron Farrar joins us at Fernandina Beach where the team will be hosting Palatka High School tonight. Former Ohio State football players enjoy coaching under Friday night lightsFormer Ohio State football players are serving as high school assistant coaches, passing on the lessons they learned during their playing days. .Quick Take Share prices for most bitcoin miners fell in the markets on Friday.According to NASA , the Orionid meteor shower peaks every year in mid-October, with optimum viewing on Friday.©2022 CBS Broadcasting Inc. 53% of Verizon's consumer subscribers have a 5G phone On the business side, Verizon added 197,000 net new postpaid phone subscribers during the three months. This allowed it to record its fifth consecutive quarter with at least 150,000 net new postpaid phone subscribers in its business unit. Bitcoin mining stocks also fell over the course of the week. The churn rate for the business sector's postpaid phone business was 1. According to the space agency, the meteor shower will peak at about 15 meteors per hour with a velocity of 41 miles per second.10%. Revenue for the Business Wireless group was up 5. 7% on an annual basis to $3. Onlookers are encouraged to lie flat on the ground with their feet facing southeast if they are in the Northern Hemisphere or northeast if in the Southern Hemisphere.3 billion. The increase is due to higher pricing and growth in the customer base. Combining both the consumer and business units, the number of postpaid net new phone subscribers during the quarter added up to 8,000. All rights reserved. That was well below Wall Street estimates calling for Verizon to add a total of 35,000 net new postpaid phone subscribers during the quarter. Verizon Chairman and CEO Hans Vestberg said,"We took a number of actions in the third quarter that helped drive improved operational and financial performance, but we know there's still more work to be done. The pricing actions we took earlier this year, as well as our new cost savings program, show that we are being deliberate and strategic in our decisions to strengthen our business. At the same time, we are focused on executing our 5G strategy, as we are covering every major market and accelerating our C-Band network build. We are on track to reach 200 million POPs within first-quarter 2023." Meanwhile, Verizon Chief Financial Officer Matt Ellis blamed higher plan pricing for the disconnections on the consumer side and said that"the pressure" would continue into the fourth quarter. Wall Street analysts weighed in with their comments."The thing people forget is the biggest company in the industry, they have the most customers to lose each quarter," said Michael Hodel, director of telecom and media research at Morningstar. Ellis also said that"The actions we have taken in the previous two quarters are gaining traction in the marketplace. We expect that we will be able to build on this momentum into the future. Our financial discipline, combined with our healthy balance sheet, enabled us to increase our dividend for a 16th consecutive year, which is the longest current streak of dividend increases in the U. S. telecom industry. Verizon shares hit their lowest price in over a decade Overall, Verizon reported third-quarter revenue of $34.2 billion, up 4% over the gross collected during the same quarter last year. Net income of $5. 02 billion was down 23.3% from the  $6.55 billion in net income it reported during the 2021 third quarter. Diluted earnings per share declined 24.5% from $1. 55 during last year's third quarter to $1.17 in this year's third quarter. Verizon did have a pre-tax loss of $881 million that included adjusting pension liabilities to reflect current securities pricing and the adjustment of certain assets related to the TracFone acquisition. Meanwhile, investors sent Verizon's shares down $1.65 or 4. 5% on Friday to $35.35. The day's low, $34.55, was the lowest price for the stock in over ten years. The 52-week high is $55. 51 (which seems so far away) and the 52-week low is the $34.55 nadir reached on Friday. New reasons to get excited every week Get the most important news, reviews and deals in mobile tech delivered straight to your inbox Subscribe .