Verizon Communications Inc forecast annual profit below expectations on Tuesday, as the pandemic-led boom in wireless customer growth fizzles out and the company makes heavy investments in 5G technology.
Subscriber loss also battered the carrier's stock, a component of the Dow Jones Industrial AverageVerizon shares underperformed the index last year
Chief Executive Hans Vestberg also warned Verizon would move away from promotions. "We believe current promotion incentives are not sustainable for the industry in the long run." The New York-based company said it expects wireless service revenue to grow between 2.5% and 4.5% in 2023 after posting an 8.6% increase in 2022.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Cleveland radio company sues Lorain County Commissioners over communications system19 News has uncovered a lawsuit filed by Cleveland Communications, Inc. against the commissioners.
Les mer »
Canada judge calls into question regulator's argument to block Rogers-Shaw dealA Canada federal judge called into question the competition bureau's argument to block Rogers Communications Inc's C$20 billion ($14.9 billion) bid for Shaw Communications Inc as the court hearing kicked off on Tuesday.
Les mer »
Analysis: Europe Inc earnings season a test for market optimismEurope's upcoming corporate earnings season is likely to show whether the renewed optimism about the economy that has buoyed equities in recent weeks is grounded in reality.
Les mer »
Verizon forecasts profit below estimates on slowdown worries, shares fallVerizon Communications Inc's annual profit forecast fell short of Wall Street estimates on Tuesday, as it grapples with slowing growth in wireless customer sign-ups compared with last year and makes heavy investments in 5G technology.
Les mer »
University Circle Inc. Selects Arizona Nonprofit Exec As New PresidentUniversity Circle Inc. selects Arizona nonprofit exec as new president
Les mer »
Tesla Has Been Increasing Communications Since Musk Took To TwitterTesla doesn't have a PR department and doesn't communicate much. It leaves that to Musk, who appears to be somewhat absent from the usual Tesla talk these days.
Les mer »