Why Verizon Stock Jumped 6% Today
Shares of telecommunications giant (NYSE: VZ) jumped 5.7% through 11:30 a.m. ET after meeting analyst forecasts for Q4 earnings and beating on sales Tuesday morning.
Heading into its fourth and final quarterly report for 2023, Wall Street had forecast that Verizon would earn $1.08 per share (adjusted for one-time items) on sales of $34.6 billion. Verizon hit the earnings number on the nose and edged out sales projections, delivering $35.1 billion in sales for the quarter.
But not all the news was good. Sales for the final quarter of the year may have been better than expected, but they still declined slightly (down 0.3%) in comparison to Q4 2022. Adjusted earnings were also down year over year, and when calculated according to generally accepted accounting principles, Verizon actually lost money for the quarter -- $0.64 per share -- versus earning a GAAP profit of $1.56 per share in Q4 2022.
Source Fool.com
Verizon Communications Inc. Stock
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As a result the target price of 40 € shows a slightly positive potential of 7.45% compared to the current price of 37.23 € for Verizon Communications Inc..
