Verizon Communications (VZ) on Tuesday reported fourth-quarter earnings that fell from a year earlier but met Wall Street estimates. VZ stock rose as wireless subscriber additions topped expectations amid a shake-up in the consumer business.

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Reported before the market open, Verizon earnings for the quarter ended Dec. 31 fell 9% to $1.08 on an adjusted basis. Revenue for Verizon stock dipped 0.3% to $35.1 billion.

VZ Stock: Subscriber Adds Top Views

A year earlier, Verizon earned $1.19 a share on revenue of $35.3 billion. Analysts had projected Verizon earnings of $1.08 a share on revenue of $34.6 billion for the quarter.

Wireless service revenue climbed 3.2% to $19.4 billion versus estimates of $19.37 billion.

Also, Verizon said it added 449,000 postpaid phone customers versus a 217,000 gain in the year-earlier period. Verizon’s subscriber figures include both consumer and business customers.

Analysts had predicted a Q4 gain of 224,000 postpaid phone subscribers — customers that spend the most monthly.

On the stock market today, VZ stock jumped 4.8% to 41.49 before the market open, signaling an 11-month high.

Verizon 2024 Guidance

Also in Q4, Verizon added 375,000 5G broadband customers.

For 2024, Verizon forecast wireless service revenue growth in a range of 2% to 3.5%. In addition, it projected adjusted EBITDA growth in a range of 1% to 3% and adjusted EPS of $4.50 to $4.70. The EPS guidance was in line.

The Verizon brand also has lost some oomph as the company fights to regain its marketing claim to operating the highest quality wireless network.

Amid management changes, the company is focusing on generating growth in service revenue, free cash flow and earnings before interest, taxes, depreciation and amortization.

Heading into the Verizon earnings report, the Dow Jones giant had gained 5% in 2024 after retreating 4% last year.

Verizon stock holds a Relative Strength Rating of 77 out of a possible 99, according to IBD Stock Checkup.

Follow Reinhardt Krause on X, formerly called Twitter, @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.

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