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Benzinga
  • 3 years ago
Verizon Communications (NYSE:VZ) reported quarterly earnings of $1.21 per share which beat the analyst consensus estimate of $1.16 by 4.31 percent. This is a 7.63 percent decrease over earnings of $1.31 per share from the same period last year. The company reported quarterly sales of $32.60 billion which missed the analyst consensus estimate of $33.28 billion by 2.04 percent. This is a 3.52 percent decrease over sales of $33.79 billion the same period last year.
Transcript
00:00 All right, let's get to Verizon's number here. Q2 EPS at $1.21, beating the $1.16 estimate. Sales at $32.6 billion, missed the $33.28 billion estimate. They do see fiscal year 23 adjusted EPS at $4.55 to $4.85 versus the estimate right now at $4.68. Total wireless service revenues growth of 2.5% to 4.5%. And of course, not bad, at least getting the
00:29 lift after the recent turndown. And that was of course dragged down by the lead talk in
00:36 the cables, right? I don't know if you heard about that, Joel, when you were away. That's
00:40 why they went after AT&T and Verizon. It seems like they've been turning around since.
00:46 Lead in the cables and AT&T said it was less than 10% of their cables and then the stock
00:49 rallied relentlessly after that.
00:51 The old lead in the cable.
00:53 Yeah, the old lead in the cable, right?
00:57 Verizon up. It was good enough. I mean, the expectations for this stock, we talk about
01:03 expectations all the time. They're in the gutter for this stock because everybody, including
01:08 myself, hate on this stock. And I will continue to hate on this stock because I think the
01:12 core businesses are under attack. I said that yesterday. I think you're going to get lifts.
01:16 I think you get up to 36. I think you get up anywhere. I'm a seller, long-term seller
01:20 of Verizon. I've hated it since 55. I hated it 50. I hated it 45. I hated it 40. Hated
01:25 it 35. Hated it 32 the other day. It's back up to 34. So you can say I've been wrong because
01:30 it's went from 32 to 34, but pretty right from 55 to 34. I still hate on this stock.
01:36 I think long-term stock goes lower.
01:39 Robert Carneal, I was thinking this too. When they said they were raising prices yesterday,
01:46 I thought it was like, oh man, maybe they come out with a bad report, right? And they're
01:51 trying to, yeah, sugarcoat it. I don't know why they didn't wait, but I don't know about
01:55 all those prices that you said, but someone hates it right around 35 right now. Man, you
02:01 got a big seller there. You snuck over it a few times in the pre-market. I'm also looking
02:07 at the dailies here, 35, 22, 35, 24. That's a pair of highs. So if you're buying this
02:14 one off the open, you get that 35 open. You don't want to see it at 34.80. You just want
02:21 to see the bids come in. But there's big sellers up here at 35 so far in Verizon coinciding
02:28 with a couple of daily highs.
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