Why Verizon Communications Shares Lost 9% in July
Shares of Verizon Communications (NYSE: VZ) fell 9% in July 2022, according to data from S&P Global Market Intelligence. By contrast, the S&P 500 market index rose 9.1% in the same period, leaving Verizon investors far behind.
The bulk of Verizon's market pain last month sprung from a disappointing second-quarter report. Big Red fell slightly short of Wall Street's earnings estimates while meeting revenue expectations with a completely flat year-over-year comparison.
More to the point, Verizon's subscriber addition figures didn't impress anybody. The company added just 12,000 postpaid wireless subscribers in the second quarter, along with 36,000 net new Fios internet customers. In comparison, the telecom added 878,000 postpaid wireless customers and 92,000 Fios accounts in the year-ago period.
Source Fool.com
