Verizon Non-GAAP EPS of $1.15 in-line, revenue of $32.8B misses by $240M

Verizon Press Release (NYSE:VZ): Q2 Non-GAAP EPS of $1.15 in-line.
Revenue of $32.8B (+0.6% Y/Y) misses by $240M.
This growth can be attributed to an increase in service and other revenue, offset by a decrease in wireless equipment revenue due to lower upgrade volumes.
Wireless:
Retail postpaid phone net additions of 148,000, and retail postpaid net additions of 340,000.
Retail postpaid phone churn of 0.85 percent, and retail postpaid churn of 1.11 percent.
Broadband:
Total broadband net additions of 391,000.
Total fixed wireless net additions of 378,000. At the end of second-quarter 2024, the company had a base of more than 3.8 million fixed wireless subscribers, representing an increase of nearly 69 percent year over year.
11.5 million total broadband subscribers as of the end of second-quarter 2024, representing a 17.2 percent increase year over year.
For 2024, Verizon continues to expect the following:
Total wireless service revenue growth1 of 2.0 percent to 3.5 percent.
Adjusted EBITDA growth2 of 1.0 percent to 3.0 percent.
Adjusted EPS of $4.50 to $4.70 vs $4.57 consensus.
Capital expenditures between $17.0 billion and $17.5 billion.
Adjusted effective income tax rate in the range of 22.5 percent to 24.0 percent.

Tags: VZ