In comparison to the previous year, Verizon reported a loss of $2.71 billion, equivalent to 64 cents per share, compared to a profit of $6.58 billion, or $1.56 per share.
Adjusted earnings, excluding one-time items such as business-related charges, were recorded at $1.08 per share, aligning with analysts’ expectations.
Total revenue saw a marginal decrease of about 0.3%, reaching $35.1 billion. Analysts previously estimated revenue to be $34.6 billion.
Verizon observed a significant increase in postpaid phone net additions, with 449,000 new additions during this period, compared to 217,000 from the previous year. This figure surpassed analysts’ earlier prediction of approximately 232,000 additions.
Looking ahead to the year 2024, Verizon aims to achieve adjusted earnings between $4.50 and $4.70 per share. FactSet analysts initially projected earnings of $4.60 per share.
Additionally, Verizon forecasts wireless service revenue growth of 2% to 3.5% for 2024.
CEO Hans Vestberg expressed confidence in the company by stating, “2023 was a year of change. We have the right assets and the best team in place and are well-positioned for growth in 2024.”
The rise in wireless service revenue by 3.2% can primarily be attributed to increased prices and a higher number of customers opting for the company’s premium plans.