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Verizon: targets lowered after disappointing Q2

( - On Friday Verizon reduced its targets for FY 2022 after recording a disappointing performance in Q2.

The US telecoms operator says that it is now expecting 8.5% to 9.5% growth in mobile revenues this year, trimmed from a previous forecast range of 9% to 10%.

As a result of this weaker-than-expected activity, the group now expects EPS of 5.10 to 5.25 dollars, instead of the 5.40-5.55 dollars previously forecast.

Verizon's Q2 net profit fell 10.7% to 5.3 billion dollars, while adjusted Ebitdawas down 2.6% to 11.9 billion dollars.

However, revenue was pretty flat at around 33.8 billion dollars, in line with market expectations.

At 1.24 dollar, EPS came in well below the consensus of 1.32 dollar.

Although its recent performance fell short of the group's expectations, management remains confident in its long-term strategy.

Verizon added only 12,000 net mobile subscribers in Q2, a figure that illustrates the slowdown in its business.

The company's shares were down almost 5% in pre-market trading today.

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