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Verizon: Q2 2022 Earnings Update

Industry: Telecom
Current: Company Performance

Verizon revenues were relatively flat (0.1% growth) year-over-year in Q2 2022
Verizon reported GAAP earnings per share (EPS) of $1.24
Verizon lowered its full-year cash flow guidance

On July 21, 2022, Verizon reported Q2 revenues of $33.8 billion (a growth of 0.1% year-over-year) on adjusted earnings per share (EPS) of $1.31.

Summary: Verizon’s Q2 2022 revenues increased by 0.1% as compared to the same period in 2021. Verizon reports its revenues across two segments: Consumer and Business.

Consumer segment’s revenues increased by 9.1% vs 2021 owing to the increased sales of equipment and core wireless service.
Business segment’s revenues declined by 1.8% vs 2021 owing to a decline in wireline business and elevated device subsidies related to wireless activations in the quarter.

The company reported earnings from operations of $7.55 billion during Q2 2022, resulting in GAAP operating margins of 22.4%. On the bottom line, the company reported a GAAP EPS of $1.24, whereas the adjusted earnings came to $1.31 per share.

Guidance: For 2022 the management has guided to:

Wireless service revenue growth reduced to 8.5% to 9.5%, from prior guidance of 9% to 10%.
Service and other revenue growth reduced to -1% to 0%, from prior guidance of 1%.
Adjusted EPS reduced to $5.10 to $5.25, from prior guidance of $5.40 to $5.55.
Adjusted EBITDA growth reduced to -1.5 % to 0%, from prior guidance of 2% to 3%.

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