5 Stocks Catching Investors’ Eyes After Earnings Reports

3. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 63

Shares of Verizon Communications Inc. (NYSE:VZ) slipped nearly six percent on Friday, April 22, 2022, following its first-quarter earnings report. The New York-based wireless network operator reported adjusted earnings of $1.35 per share, marginally down from $1.36 per share in the year-ago period but in line with the expectations.

Revenue for the quarter inched up 2.1 percent to $33.6 billion, while analysts were expecting Verizon Communications Inc. (NYSE:VZ) to generate revenue of $33.5 billion. Total wireless service revenue increased 9.5 percent to $18.3 billion, accounting for more than half of the total quarterly sales.

Looking forward, Verizon Communications Inc. (NYSE:VZ) expects its fiscal 2022 earnings to come at the lower end of the previously announced outlook of $5.40 – $5.55 per share.

Commenting on the quarter, CFO Matt Ellis said:

“We expect that over 75 percent of our growth over the next four years will come from 5G mobility and nationwide broadband. In the first-quarter, we saw growth in our wireless sales, customer loyalty, and rapid expansion of our fixed wireless product, fortifying our confidence in our growth prospects.”