Summary by Moomoo AI
Verizon reported Q3 2024 operating revenues of $33.3 billion, remaining flat compared to Q3 2023, while net income decreased to $3.4 billion from $4.9 billion. Consumer segment revenues increased 0.4% to $25.4 billion driven by wireless service growth, while Business segment revenues declined 2.3% to $7.4 billion. The company recorded a $1.7 billion severance charge related to its voluntary separation program affecting approximately 4,800 employees.Operating expenses rose 6% to $27.4 billion, primarily due to the severance charge and a $374 million asset rationalization charge. Consumer wireless service revenue grew 2.6% to $16.4 billion on pricing actions and fixed wireless access growth, while retail postpaid phone net additions were 81,000. The company maintained strong cash flow with $26.5 billion in operating cash flow for the first nine months.Looking ahead, Verizon announced plans to acquire Frontier Communications for $38.50 per share in cash and entered an agreement with Vertical Bridge for tower operations valued at $2.8 billion. Capital expenditures are expected to be $17.0-17.5 billion for 2024, as the company continues investing in 5G network deployment while maintaining financial flexibility.
