Verizon Communications (NYSE:VZ) reported its Q3 results, with EPS of $1.32 coming in better than the Street estimate of $1.29. Revenue was $34.2 billion, beating the Street estimate of $33.78 billion.
Continued momentum across business wireless, accelerating fixed wireless net adds, improving results across prepaid, robust postpaid ARPA growth, and upside to revenue/EBITDA/Free Cash Flow estimates were overshadowed by continued softness across consumer postpaid phone trends.
The company expects fiscal 2022 EPS to be in the range of $5.10-$5.25, compared to the Street estimate of $5.19. The analysts at RBC Capital lowered their price target on the company’s shares to $42 from $50 as they believe the company is likely heading into an increasingly challenging macro backdrop. The analysts maintained their sector perform rating.