Verizon Stock Jumps 8 percent on Strong Q3 & Raised Guidance


Verizon (NYSE:VZ) surpassed Q3 earnings expectations and has increased its free cash flow forecast. As a result, shares jumped more than 8% intra-day today.
The reported adjusted EPS of $1.22 beat the projected $1.18. With operating revenue at $33.3 billion, it matched the anticipated $33.29 billion.
Consumer revenue stood at $25.3 billion, beating the predicted $25.02 billion, but business revenue at $7.5 billion fell short of the $7.63 billion estimate. The wireless service revenue was slightly less than expected at $19.3 billion. Verizon gained 100,000 postpaid phone customers, surpassing the projected 68,000.
The company predicts a 2.5-4.5% growth in wireless service revenue and a 2023 free cash flow above $18 billion, up $1 billion from previous estimates.

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