Why Verizon Shares Are Shooting Higher Following AT&T Earnings Results

Verizon Communications Inc. VZ shares are trading higher by 1.75% to $37.21 Thursday morning in sympathy with AT&T Inc. T, which reported better-than-expected third-quarter EPS and sales results.

What Happened?

AT&T reported third-quarter FY22 operating revenues of $30.00 billion, down 4.1% year-over-year, beating the consensus of $29.86 billion. 

Excluding the impact of the divestments from WarnerMedia and other entities, operating revenues for standalone AT&T were up 3.1%, reflecting higher Mobility revenues. In the Mobility segment, AT&T clocked 964,000 postpaid net adds, 708,000 postpaid phone net adds, and 108,000 prepaid phone net adds...Read More

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According to data from Benzinga Pro, Verizon has a 52-week high of $55.51 and a 52-week low of $35.04.