Verizon Communications Inc. (NYSE: VZ) reported its financial results for the fiscal fourth quarter on Tuesday that topped analysts’ estimates for earnings and revenue. Shares of the company, however, were still reported about 0.3% down in premarket trading.
Verizon shares are currently exchanging hands at £41.43 after recovering from a low of £36.46 per share in the last week of March 2020 when the impact of the ongoing COVID-19 crisis was at its peak.
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Verizon’s Q4 financial results versus analysts’ estimates
Verizon said that its net income in the fourth quarter printed at £3.45 billion that translates to 81 pence per share. In the comparable quarter of last year, the U.S. company had reported a higher £3.81 billion of net income or 90 pence per share.
Verizon earned 88 pence per share in Q4 on an adjusted basis versus the year-ago figure of 83 pence per share. In terms of revenue, the American multinational posted £25.33 billion as compared to £25.39 billion in the same quarter last year. In the prior quarter (Q3), Verizon had noted £24.14 billion of revenue.
According to FactSet, experts had forecast the company to record £25.15 billion of revenue in the recent quarter. Their estimate for per-share earnings stood at a lower 85 pence per share. Retail postpaid phone churn, as per Verizon, stood at 0.76% in the fourth quarter.
In separate news from the United States, Polaris Inc. also published its earnings report for the fiscal fourth quarter on Tuesday.
Other prominent figures in Verizon’s earnings report
Other prominent figures in Verizon’s earnings report on Tuesday include £5.88 billion of business revenue. Consumer revenue, the New York-based company added, came in at £17.46 billion while media revenue printed at £1.68 billion in Q4.
For fiscal 2021, the telecommunications conglomerate now forecasts its service and other revenue to see a minimum of 2% annualised growth and its wireless service revenue to climb by at least 3%. Verizon expects its full-year adjusted per-share earnings to fall in the range of £3.65 to £3.76. Analysts, on the other hand, are calling for £3.60 of adjusted EPS for the U.S. firm this year.
Verizon performed slightly downbeat in the stock market last year with an annual decline of close to 3.5%. At the time of writing, the American multinational telecommunications conglomerate is valued at £172.36 billion and has a price to earnings ratio of 12.91.