Verizon Communications (VZ) on Monday reported first-quarter results that were roughly in line with analyst expectations, with the company also affirming its growth projections for fiscal 2024.
The telecommunications giant reported $32.98 billion in total revenue, just under analyst estimates compiled by Visible Alpha of $33.2 billion. However, Verizon did report a slight profit beat, posting net income of $4.72 billion, topping projections of $4.61 billion. Diluted earnings per share (EPS) of $1.09 matched estimates.
After rising in premarket trading following the results, Verizon shares were down 2.2% to $39.60 as of 10 a.m. ET Monday.
“Our performance in the first quarter sets us up for a successful 2024,” Verizon Chief Executive Officer (CEO) Hans Vestberg said in a statement. “We are on track to meet our financial guidance and to deliver positive Consumer postpaid phone net adds for the year.”
Revenue from Verizon’s consumer services, which includes wireless phone service and broadband internet, …