Why Verizon Stock Dropped Today
Shares of Verizon (NYSE: VZ) fell 5.8% on Friday after the wireless giant cut its full-year growth forecast.
Verizon's revenue rose 2.1% year over year to $33.6 billion in the first quarter. This growth was driven in part by Verizon's acquisition of TracFone Wireless, a leading value-priced wireless services provider, in November.
Growth in Verizon's broadband internet business also contributed to its revenue gains. The telecom leader added 229,000 net broadband customers, including 194,000 fixed wireless accounts and 60,000 Fios Internet subscribers.
Source Fool.com
