Verizon (NYSE:VZ) stock is falling on Friday despite the wireless company reporting an earnings beat for the third quarter of 2022.
That report starts with adjusted earnings per share of $1.32, which is better than Wall Street’s estimate of $1.29. However, it’s below the $1.42 per share reported during the same period of the year prior.
Verizon also reported revenue of $34.24 billion in the third quarter of the year. That’s above analysts’ estimate of $33.78 billion for the quarter. It also represents 4% growth year-over-year from $32.92 billion.
Hans Vestberg, chairman and CEO of Verizon, said the following in the earnings report.
“We took a number of actions in the third quarter that helped drive improved operational and financial performance, but we know there’s still more work to be done. The pricing actions we took earlier this year, as well as our new cost savings program, show that we are being deliberate and strategic in our decisions to strengthen our business.”
Why Is VZ Stock Down Today?
While VZ paints a positive picture in its earnings report, investors are taking note of its subscriber loss. The company revealed 189,000 wireless retail postpaid phone net losses during the quarter. It attributes this to recent pricing actions.
Recon Analytics’ Roger Entner said the following to MarketWatch about the subscriber loss.
“This is their bread and butter business and they are running out of bread.”
VZ stock is down 4.6% as of Friday morning and is down 33% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.