Verizon reports EPS of $0.84 in Q1
Verizon Communications Inc. said on Thursday its net income for the first quarter of 2017 came in at $3.6 billion, down 19.8% compared to a year ago, while diluted earnings per share dropped 20.8% to $0.84.
The American telecommunications giant reported a 7.3% fall in first-quarter revnenues to $29.8 billion year on year, with service and other revenues down 7.7% to $26.1 billion, while wireless equipment revenues came in 4.8% lower at $3.7 billion. The company registered retail postpaid churn of 1.15% in its wireless segment, and a decline of 5.1% in revenues to $20.9 billion. However, It recorded 4.7% revenue growth to $2.9 billion in its wireline Fios segment.
"To build on our loyal customer base and the thirdparty recognition we have received for network leadership, we extended our wireless and fiber network capabilities, began offering an unlimited pricing option and expanded our opportunities in new markets," said Verizon's chairman and CEO Lowell McAdam. "We're executing on strategies to capture future growth and create longterm shareholder value," he added.