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
Verizon Communications Inc. is currently one of the favorites of our community with 11 Buy predictions and no Sell predictions.
With a target price of 43 € there is a slightly positive potential of 5.41% for Verizon Communications Inc. compared to the current price of 40.8 €.
