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Verizon | 10-Q: Q1 2024 Earnings Report

SEC ·  Apr 25, 2024 13:05

Summary by Moomoo AI

Verizon Communications Inc. reported a mixed financial performance for the first quarter ended March 31, 2024. The company's Consumer segment saw a slight revenue increase of 0.8% year-over-year, totaling $25.1 billion, driven by service and other revenues, despite a decrease in wireless equipment revenue. However, the Business segment experienced a revenue decrease of 1.6% compared to the same period in 2023, with operating revenues totaling $7.4 billion. Overall, consolidated operating revenues for Verizon modestly increased by 0.2% to $32.981 billion. The company's capital expenditures for the quarter were $4.4 billion, with an expected annual range of $17.0 billion to $17.5 billion. Verizon's strategic focus for 2024 includes enhancing and monetizing its networks, platforms, and solutions, as well as retaining and growing its customer base. The company continues to...Show More
Verizon Communications Inc. reported a mixed financial performance for the first quarter ended March 31, 2024. The company's Consumer segment saw a slight revenue increase of 0.8% year-over-year, totaling $25.1 billion, driven by service and other revenues, despite a decrease in wireless equipment revenue. However, the Business segment experienced a revenue decrease of 1.6% compared to the same period in 2023, with operating revenues totaling $7.4 billion. Overall, consolidated operating revenues for Verizon modestly increased by 0.2% to $32.981 billion. The company's capital expenditures for the quarter were $4.4 billion, with an expected annual range of $17.0 billion to $17.5 billion. Verizon's strategic focus for 2024 includes enhancing and monetizing its networks, platforms, and solutions, as well as retaining and growing its customer base. The company continues to invest in its wireless networks, high-speed fiber, and advanced technologies, positioning itself for future growth trends. Verizon obtained full access to its C-Band spectrum in August 2023 and is deploying it across the U.S. to support its 5G network expansion. The company's future plans involve significant capital investments to acquire wireless spectrum, increase network capacity, invest in fiber infrastructure, and develop advanced IT and data systems capabilities. Verizon aims to leverage its C-Band and millimeter wave spectrum holdings, along with its 4G LTE network and fiber infrastructure, to drive innovative products and services and fuel growth.

This announcement is a separate document:

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Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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