American wireless network operator Verizon has updated its 2022 earnings guidance to indicate slower growth than earlier expected, following the decline in its first-quarter bottom line.
- Verizon said it now expects EBITDA growth at the lower end of the previously announced guidance range of 2% to 3% and adjusted earnings per share at the lower end of the announced $5.40 to $5.55 range.
- Capital spending for the year is expected to fall between $16.5 billion to $17.5 billion, excluding the C-Band. Additional expenditures to the 5G network are seen to be between $5 billion and $6 billion.
- Consolidated net income for the quarter of 2022 stood at $4.7 billion, reflecting a 12.4% drop from the same quarter the previous year. Adjusted EBITDA also fell 1.1% to $12.0 billion.
- Chairman and Chief Executive said the firm will continue to boost its C-Band network to meet its target of 175 million people in its reach by the end of the year. It plans to deploy more of the specter a full year sooner.
Verizon targets to generate an incremental $14 billion of service and other revenue by 2025. VZ is down 5.51%, while JHCS is down 2.18%.