VERIZON COMMUNICATIONS Reports Q2 FY2023 Earnings on June 30 2023

🌥️Earnings Overview

On June 30, 2023, VERIZON COMMUNICATIONS ($NYSE:VZ) reported earnings for the second quarter of fiscal year 2023. Total revenue for the quarter was USD 32.6 billion, a 3.5% decrease from the same period in 2023. Net income for the quarter was USD 4.6 billion, a 10.6% decrease from the same quarter in the previous year.

Stock Price

On Tuesday, June 30 2023, VERIZON COMMUNICATIONS reported its earnings for the second quarter of Fiscal Year 2023. At the start of the day, the company’s stock was trading at $34.6, which was up 0.8% from its prior closing price of $34.0. Throughout the day, the stock remained mostly steady, closing at $34.2. While the market performance of VERIZON COMMUNICATIONS was not particularly impressive on Tuesday, investors will be closely watching the company’s earnings reports in the coming months to get a better understanding of how it is performing financially. VERIZON COMMUNICATIONS has been one of the biggest players in the telecom industry and has been a leader in driving innovation and expanding its customer base.

Investors are hopeful that the company will continue to show strong results in the future. Overall, VERIZON COMMUNICATIONS had a generally positive day in the market with its stock remaining mostly steady throughout the day and ending with a small increase from its prior closing price. While nothing particularly noteworthy happened this Tuesday, investors will be watching closely as the company releases its earnings report in the coming months. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Verizon Communications. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Verizon Communications. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Verizon Communications. More…

Key Ratios Snapshot

Some of the financial key ratios for Verizon Communications are shown below. More…

Analysis

GoodWhale has recently conducted an analysis of VERIZON COMMUNICATIONS’ wellbeing. A glance at our Star Chart revealed a high health score of 7/10 for VERIZON COMMUNICATIONS, indicating its ability to ride out any crisis without fear of bankruptcy due to its strong cashflows and debt. Further analysis revealed that VERIZON COMMUNICATIONS is strong in dividend, profitability, and medium in asset. However, it is weak in growth. Based on this, we have classified VERIZON COMMUNICATIONS as a ‘cow’, a type of company that has a track record of paying consistent and sustainable dividends. Given the strong dividend and profitability, investors interested in companies with high yields and stability are likely to find VERIZON COMMUNICATIONS an attractive investment. Those looking for companies with high growth potential may not find VERIZON COMMUNICATIONS as appealing. More…

Peers

Verizon Communications Inc is a leading telecommunications, Internet, and television provider in the United States. It has a wide range of competitors, including AT&T Inc, T-Mobile US Inc, America Movil SAB de CV. Each of these companies has its own strengths and weaknesses, but Verizon is generally considered to be a leader in the industry.

– AT&T Inc ($NYSE:T)

AT&T Inc. is an American multinational conglomerate holding company headquartered at Whitacre Tower in Downtown Dallas, Texas. It is the world’s largest telecommunications company, the second largest provider of mobile telephone services, and the largest provider of fixed telephone services in the United States through AT&T Communications. Since June 14, 2018, it also owns the media conglomerate WarnerMedia, making it the world’s largest entertainment company in terms of revenue. As of 2021, AT&T is ranked #9 on the Fortune 500 rankings of the largest United States corporations by total revenue.

AT&T Inc. has a market cap of 110.74B as of 2022 and a Return on Equity of 12.91%. AT&T is the world’s largest telecommunications company and the second largest provider of mobile telephone services. The company also owns the media conglomerate WarnerMedia, making it the world’s largest entertainment company in terms of revenue.

– T-Mobile US Inc ($NASDAQ:TMUS)

T-Mobile US, Inc., together with its subsidiaries, provides mobile communications services in the United States, Puerto Rico, and the U.S. Virgin Islands. The company offers voice, messaging, and data services to approximately 79 million customers as of the end of 2019. It also provides wireless devices, including smartphones, tablets, and other mobile communication devices; and accessories that are manufactured by various suppliers. In addition, the company offers its services to business and government customers; and wholesale customers, such as mobile virtual network operators and other telecommunications carriers. T-Mobile US, Inc. was founded in 1994 and is headquartered in Bellevue, Washington.

– America Movil SAB de CV ($OTCPK:AMXVF)

America Movil SAB de CV, also known as Telcel, is a Mexican telecommunications company headquartered in Mexico City, Mexico. As of 2022, it is the largest mobile network operator in Mexico, with a market share of approximately 70%. Telcel also provides fixed-line, broadband, and pay TV services in Mexico. The company was founded in 1972 and is a subsidiary of America Movil.

Summary

Investors may be wary of the recent 3.5% decrease in quarterly revenue for VERIZON COMMUNICATIONS reported on June 30 2023. While total revenue was reported at USD 32.6 billion, net income for the same period decreased 10.6%, to USD 4.6 billion. Analysts are encouraged to monitor this trend, as it may be indicative of market saturation or a slowdown in demand for the company’s services. Investors should research VERIZON COMMUNICATIONS’ current financial reports, future outlooks and strategies in order to make an informed decision on their investment.