Verizon stock closed up more than 9%, making it the compnay’s best daily performance in almost 15 years.
The company beat analysts’ expectations for both adjusted earnings per share and revenue for the third quarter, based on a survey of analysts by LSEG, formerly known as Refinitiv.
Verizon posted revenue of $33.34 billion, versus the estimated $33.25 billion, and adjusted earnings per share of $1.22, versus the $1.18 estimate. Verizon also beat Wall Street’s expectations for its postpaid phone net additions, adding 100,000 compared to the 62,000 consensus estimate among analysts polled by StreetAccount.
Verizon also adjusted its 2023 outlook, saying it expects free cash flow to total more than $18 billion, a $1 billion increase from previous guidance.
The last time Verizon had its stock jump like this, the company had not even launched its 4G LTE wireless network in the U.S. The two-day surge came in October 2008 with back-to-back daily increases of 10.1% and 14.6%, respectively.
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