Verizon: quarterly profits down, loss of subscribers
(CercleFinance.com) - Verizon on Friday reported a significant loss in its quarterly profits, despite - excluding exceptional items - coming out above analysts' estimates.
The number one US telecoms operator this morning reported net profits down 23% to five billion dollars for the third quarter, i.e. 1.17 dollars per share.
Excluding exceptional items, earnings per share come to 1.32 dollars, when consensus was 1.29 dollars. Its earnings progressed 4% to 34.2 billion dollars.
In a press release, Verizon explains that it has suffered from its recent price rise, aimed at counteracting inflationary pressures, which ended up with a net loss of 189,000 clients for its mobile telephone service over the quarter.
Copyright (c) 2022 CercleFinance.com. All rights reserved.