NEW YORK – Verizon Communications Inc (NYSE:). saw its shares climb more than 4% in premarket trading today after the company unveiled impressive fourth-quarter results and an optimistic forecast for 2024. The telecommunications leader reported it expects adjusted earnings per share (EPS) for 2024 to range between $4.50 and $4.70, topping analyst expectations.
The company’s financial health was further highlighted by a significant uptick in wireless subscribers during the fourth quarter, with net additions exceeding 400,000.
Verizon’s performance over the past year also reflected a robust increase in annual Free Cash Flow, which reached $18.7B. Looking ahead, the company projects its wireless service revenue to grow by 2% to 3.5% in the upcoming year.
Despite facing some financial headwinds in the quarter, market analysts have expressed a Moderate Buy consensus on Verizon’s stock.
Investors and market watchers will likely keep a close eye on Verizon’s performance as the company navigates the competitive landscape of the telecom industry while capitalizing on its recent successes and strategic outlook for the future.
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