Why Verizon Stock Was Up 2.9% Today
Shares of wireless giant (NYSE: VZ) rose as much as 2.9% in early trading on Tuesday after reporting earnings. Shares gave back some of those gains and were up 1% at 12:30 p.m. ET.
Revenue fell 3.5% from a year ago to $32.6 billion, but the high-margin services revenue was up from $27.1 billion to $27.3 billion. Verizon actually loses money on equipment revenue, which fell $1.2 billion to $5.3 billion, so the decline in revenue wasn't as bad as it seems.
Total wireless services revenue was up 3.8% to $19.1 billion as 384,000 customers added fixed wireless broadband. Free cash flow also improved from $2.3 billion in the first quarter to $5.7 billion in the second quarter.
Source Fool.com
Verizon Communications Inc. Stock
€40.24
-0.170%
The stock is one of the favorites of our community with 23 Buy predictions and 1 Sell predictions.
With a target price of 43 € there is a slightly positive potential of 6.86% for Verizon Communications Inc. compared to the current price of 40.24 €.
