NEW YORK – Verizon Communications Inc (NYSE:). noticed its shares climb greater than 4% in premarket buying and selling immediately after the corporate unveiled spectacular fourth-quarter outcomes and an optimistic forecast for 2024. The telecommunications chief reported it expects adjusted earnings per share (EPS) for 2024 to vary between $4.50 and $4.70, topping analyst expectations.
The corporate’s monetary well being was additional highlighted by a big uptick in wi-fi subscribers throughout the fourth quarter, with internet additions exceeding 400,000.
Verizon’s efficiency over the previous yr additionally mirrored a strong enhance in annual Free Money Movement, which reached $18.7B. Wanting forward, the corporate initiatives its wi-fi service income to develop by 2% to three.5% within the upcoming yr.
Regardless of going through some monetary headwinds within the quarter, market analysts have expressed a Reasonable Purchase consensus on Verizon’s inventory.
Buyers and market watchers will doubtless hold an in depth eye on Verizon’s efficiency as the corporate navigates the aggressive panorama of the telecom business whereas capitalizing on its current successes and strategic outlook for the longer term.
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