Verizon had a net profit of US$ 5 billion in the third quarter of this year, a value 23.3% lower than the gain in the same period in 2021, according to a balance sheet released this Friday, 21. In adjusted terms, the telecommunications operator American posted earnings per share of US$ 1.32 between July and September, slightly above the forecast of US$ 1.29 by analysts consulted by FactSet.
Verizon’s revenue grew 4% year-on-year in the quarter to $34.2 billion, also beating FactSet’s consensus of $33.8 billion. Verizon also announced the start of a cost reduction plan. The company’s goal is to cut its costs by between $2 billion and $3 billion annually by 2025.
Despite better-than-expected results, Verizon’s share fell 1.3% in premarket business in New York, around 8:50 am (GMT).
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
