Verizon Communications disclosed a decrease in earnings for the first quarter from the previous year. However, the earnings exceeded Wall Street's expectations. The company's earnings amounted to $4.72 billion, translating to $1.09 per share, a drop from last year's first quarter earnings of $5.02 billion, or $1.17 per share.
When special items are excluded, Verizon Communications reported adjusted earnings of $1.15 per share for the period. Thomson Reuters compiled data shows that analysts, on average, expected the company to earn $1.12 per share. These estimates usually exclude special items.
The company's revenue for the quarter witnessed a slight rise of 0.2%, moving from $32.91 billion last year to $32.98 billion this year.
To break it down, Verizon Communications' first-quarter earnings stood at $4.72 billion, down from $5.02 billion the previous year. The earnings per share (EPS) for the first quarter were reported at $1.09, down from $1.17 the previous year. Revenue for the first quarter was $32.98 billion, slightly up from $32.91 billion last year.
As far as future predictions go, the full-year EPS guidance stands between $4.50 and $4.70.
