Verizon (TechCrunch’s dad or mum firm) simply launched its earnings report for the fourth quarter of 2018. The corporate generated $34.three billion in income with an adjusted EPS of $1.12 that excludes particular gadgets.
Verizon’s precise EPS for this quarter is 47 cents. The explanation why the corporate needed to alter its EPS is that the corporate wrote down $4.6 billion in This fall 2018 for the worth of its media division, Verizon Media, previously referred to as Oath. The corporate additionally took a $2.1 billion cost following a voluntary redundancy program.
Wall Road analysts had anticipated earnings per share of $1.09 and $34.44 billion in income. In different phrases, earnings per share are barely above expectations, income is barely under. Income is up 1 p.c 12 months over 12 months.
Verizon shares (NYSE:VZ) are at present buying and selling down 0.13 p.c in pre-market buying and selling in comparison with yesterday’s closing worth of $55.07.
Development has been sturdy on the cell entrance particularly. The corporate added 1.2 million postpaid wi-fi subscribers through the quarter.
“Verizon completed 2018 by delivering strong monetary and operational efficiency, as evidenced by our sturdy wi-fi service income and earnings progress,” Verizon CEO Hans Vestberg wrote within the launch. “2018 was a outstanding 12 months filled with 5G firsts, together with being first on the planet to commercially deploy 5G with our 5G Residence product. As we head into 2019 and the 5G period, we’re starting a interval of transformational change. We’re laser targeted on delivering clients a best-in-class and game-changing expertise on our networks.”
In case Verizon’s priorities aren’t clear, Vestberg managed to say “5G” 4 instances in only one sentence. On the media entrance, Verizon Media generated $2.1 billion throughout This fall, down 5.eight p.c in comparison with This fall 2017. However income is up by $200 million in comparison with the earlier quarter (Q3 2018).
On the subject of outlook, Verizon expects to generate “low single-digit share progress” in 2019 on the income entrance. EPS ought to be kind of steady.
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