5 Stocks Making Moves on Financial Results

3. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 63

Shares of Verizon Communications Inc. (NYSE:VZ) rose over two percent on Wednesday, 20 October 2021, after announcing better-than-expected third-quarter results along with an upbeat outlook.

Verizon Communications Inc. (NYSE:VZ) earned $1.41 per share on an adjusted basis, compared to $1.25 per share in the year-ago quarter. Revenue came in at $32.9 billion, slightly higher than $31.5 billion in the comparable period of 2020. The results exceeded the consensus forecast of $1.37 per share for earnings and $33.2 billion for revenue.

If we look at the performance of flagship segments, consumer revenue rose 7.3 percent on a year-over-year basis to $23.3 billion, while business revenue inched down nearly one percent to $7.7 billion.

Verizon Communications Inc. (NYSE:VZ) also updated its profit outlook for the full year. It expects adjusted earnings in the range of $5.35 – $5.40 per share versus its earlier forecast of $5.25 – $5.35 per share.

Speaking on the results, CEO Hans Vestberg said:

“Our disciplined strategy execution demonstrated growth in 5G adoption, broadband subscribers and business applications. We are increasing our 2021 guidance, and we continue to expand our 4G LTE and 5G network leadership. We fully expect to have a strong finish to the year as we accelerate deployment of 5G to our customers across the country.”