Verizon's Q1: Flat Revenue, Bump In Free Cash Flow And Stable 2024 Outlook
Portfolio Pulse from Anusuya Lahiri
Verizon Communications Inc (NYSE:VZ) reported its fiscal first-quarter 2024 results with a slight increase in sales to $32.98 billion, missing consensus estimates but beating adjusted EPS expectations. Wireless service revenue grew by 3.3%, driven by pricing actions and subscriber growth, despite postpaid phone net losses. Broadband and fixed wireless segments saw significant net additions, while Verizon Business revenues declined. The company's adjusted EBITDA increased, and it reiterated its FY24 outlook for wireless service revenue growth and adjusted EPS. Verizon's stock rose 2.17% in premarket trading, and exposure to Verizon stock can also be gained through Invesco Dow Jones Industrial Average Dividend ETF (NYSE:DJD) and First Trust Morningstar ETF (NYSE:FDL).
April 22, 2024 | 1:01 pm
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POSITIVE IMPACT
Investors can gain exposure to Verizon, which reported positive Q1 2024 results, through the Invesco Dow Jones Industrial Average Dividend ETF.
Given Verizon's positive earnings report and its inclusion in DJD's holdings, the ETF might see increased interest from investors looking to gain exposure to Verizon, potentially impacting its short-term performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
First Trust Morningstar ETF offers exposure to Verizon, which has shown positive fiscal first-quarter 2024 results, indicating potential interest from investors.
Verizon's positive earnings outcome may attract investors to FDL, as it includes Verizon in its portfolio, potentially benefiting the ETF's short-term performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Verizon reported a marginal sales increase and an EPS beat for Q1 2024, with significant growth in wireless service and broadband. The company reiterated its FY24 outlook, positively impacting investor sentiment.
Verizon's Q1 2024 results showing a sales increase and EPS beat, along with growth in key segments and a positive FY24 outlook, are likely to boost investor confidence and drive short-term stock price appreciation.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100