Verizon Shares Pop 5% After Strong Customer Gains
January 23 2024 - 7:45AM
Dow Jones News
By Will Feuer
Shares of Verizon Communications rose in premarket trading after
the cell carrier reported its strongest gains of wireless postpaid
phone customers in two years.
The stock rose nearly 5% to $41.35. Through Monday's close,
shares were roughly flat over the past 12 months.
The readout from Verizon, the first major cell carrier to report
for the fourth quarter, lifted shares of its peers. AT&T stock
climbed about 2% in the premarket sessions while T-Mobile shares
rose about 1%.
For the last three months of 2023, Verizon reported postpaid
phone net additions of 449,000, up from 217,000 in the same period
last year and above the 232,000 that analysts surveyed by FactSet
expected.
The gains were also Verizon's strongest since the period in
2021, when the company added 558,000 of such customers, according
to FactSet.
Verizon has been working to turnaround its struggling consumer
unit and reinvigorate subscriber growth. Last year, the company
shuffled its slate of available phone plans in a bid to make them
more appealing and simple to customers.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 23, 2024 08:30 ET (13:30 GMT)
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