Why Verizon Stock Dropped Today
Shares of Verizon (NYSE: VZ) fell 4.5% on Friday, as investors grew increasingly concerned about the wireless giant's waning customer growth.
Verizon's revenue rose 4% year over year to $34.2 billion in the third quarter. That was slightly above Wall Street's estimates for revenue of $33.8 billion.
However, Verizon gained only 8,000 postpaid phone subscribers, who pay monthly bills and are generally the most profitable customers for wireless carriers. Analysts expected Verizon to report over 35,000 postpaid phone additions.
Source Fool.com
