Verizon (NYSE: VZ) stock has been a value destroyer over the last few years, but the telecom giant took a significant step toward rectifying that narrative on Tuesday.

Verizon shares soared, finishing the day up 9.3% after it beat estimates on the top and bottom lines, and raised its free-cash-flow guidance by $1 billion to $18 billion.

The business is still facing challenges as revenue and profits both fell in the quarter, in part due to an ongoing decline in equipment revenues, but expectations for the company had fallen so low after years of market-share losses to T-Mobile and a strategy that's failed to deliver growth that the stock had a low bar to clear.

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Source Fool.com