By Adriano Marchese
Verizon Communications shares were lower in premarket trading after the company reported more mobile customer losses in the first quarter than expected, despite a strong quarter overall.
The telecom giant said Tuesday that it has lost 289,000 wireless postpaid phone business and consumer subscribers, a closely watched metric, which was more than it had lost a year earlier when the company lost 114,000 postpaid phone users.
Total revenue rose 1.5%, to $33.5 billion. Analysts surveyed by FactSet had forecast revenue of $33.28 billion.
Verizon's total wireless-service revenue rose 2.7% and consumer revenue rose 2.2%. It also logged 339,000 net additions to its broadband business and said it is on track to achieve eight million to nine million fixed wireless access subscribers by 2028.
Net profit came to $5 billion, or $1.15 a share, in the first quarter, compared with $4.7 billion, or $1.09 a share, a year earlier.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 22, 2025 08:15 ET (12:15 GMT)
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