Verizon Communications Stock Is Sliding: Here's Why

Verizon Communications Inc VZ shares are trading lower Thursday in sympathy with AT&T Inc T, which reported financial results and cut guidance. 

AT&T updated its 2022 free cash flow outlook due to timing of customer collections, incremental success-based investments tied to higher subscriber growth and lower Business Wireline operating income.

The company lowered its full-year free cash flow expectations from the $16 billion range to the $14 billion range. 

Related Link: AT&T Q2 Highlights: 17% Revenue Decline Reflecting WarnerMedia Divestment, FCF Outlook Cut

Verizon is set to announce its second-quarter financial results before the market opens on Friday. Analysts expect the company to earn $1.32 per share on quarterly revenue of $33.7 billion, according to data from Benzinga Pro.

Verizon also announced an agreement to build a private 5G ultra wideband network with Virginia International Terminals on Thursday. The deal is Verizon's second deal with a major international port and its first with a U.S.-based terminal.

VZ Price Action: Verizon has a 52-week high of $56.85 and a 52-week low of $45.54.

The stock was down 3.55% at $47.33 at time of publication.

Photo: Mike Mozart from Flickr.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!