Why Verizon Stock Dropped Today
Shares of Verizon (NYSE: VZ) sank 6.8% on Friday after the telecom titan cut its full-year sales and profit forecast.
Verizon's second-quarter revenue inched up less than 1% year over year to $33.8 billion. The wireless leader gained 227,000 net postpaid phone subscribers in its business segment, but it lost 215,000 of these high-value customers in its retail segment.
Verizon is facing intensifying competition from a newly streamlined AT&T (NYSE: T). The rival telecom shed its WarnerMedia business and other assets to focus on its wireless and broadband operations. AT&T added 813,000 net postpaid phone customers in the second quarter.
Source Fool.com
