The stock is off about 2% after this morning’s report, which says Verizon took a big hit at the end of last year from Superstorm Sandy and charges for severance and pension expenses, and early debt retirement. The communications company recorded a Q4 net loss of $1.93B, down from a $212M loss a year ago, on revenues of $30.05B, +5.7%. Revenues were slightly ahead of the $29.83B that analysts expected. But earnings fell far short of forecasts. Not including one-time charges, Verizon earned 38 cents a share — well below the 50 cents that analysts envisioned. The company continues to struggle with lost wireline phone customers: Its total voice connections fell 6.8% to 22.5M, including 11.8M residential connections, -6.2%. The more technologically advanced businesses did much better: FiOS video subscriptions were +13.3% to 4.7M, and FiOS Internet subscriptions were +12.6% to 5.4M. Verizon Wireless also saw improvements, with subscriptions +6.6% to 98.2M. “We delivered a total return of 13.2% to shareholders in 2012, and we enter 2013 ready to accelerate the momentum we’ve achieved and create significant shareholder value in the years to come,” CEO Lowell McAdam says.
Verizon Shares Down Pre-Market On Weaker Than Expected Q4 Earnings
Trending Now on Deadline
More From Lieberman
- Layer3 TV Taps Lindsay Gardner To Lead Programming And Content Acquisition
- Yahoo Shares Rise As Mobile Revenues Help It Beat Q3 Earnings Expectations
- Will Time Warner Feel A Bruise From Its Battle With Dish Network?
- Apple Beats Earnings Expectations With Help From iPhones, But Not iPads
- How The New York Times Missed The Story About HBO, CBS, And The Web
- Movie Ticket Outlays Averaged $8.08 In Q3, Up 3.1% From Last Year