Verizon and Blackstone released their latest earnings reports before opening bell this morning. Verizon posted adjusted earnings of 95 cents per share on $29.8 billion in revenue, compared to the analyst estimates of 96 cents per share and $30.4 billion in revenue. In last year’s first quarter, the mobile carrier and internet service provider reported $32.2 billion in revenue on $1.06 per share, which was on both a GAAP and non-GAAP basis.
Blackstone reported basic earnings of 70 cents per share and diluted earnings of 69 cents per share on $1.94 billion in revenue, compared to the Wall Street estimates of 70 cents per share and $1.63 billion in revenue. In last year’s first quarter, the firm reported basic earnings of 25 cents per share and diluted earnings of 23 cents per share on $932.4 million in revenue.
Verizon shares fall on missed earnings, revenue
Verizon’s GAAP earnings per share fell to 84 cents from $1.06 per share in last year’s first quarter. Net income amounted to $3.6 billion, while EBITDA was $11.2 billion.
Wireless revenue fell 5.1% year over year to $20.9 billion, missing the consensus of $21.6 billion. Net retail postpaid connections fell 307,000 from last year’s first quarter, while the retail postpaid churn rate was 1.15%. Retail postpaid phone churn was below 0.9% for the eighth quarter in a row. The retail postpaid connections base increased 1.2%. Wireline revenues fell 0.6% to $7.9 billion, compared to the Wall Street consensus of $7.74 billion. Fios revenues grew 4.7% year over year to $2.9 billion.
Verizon expects full-year revenues to be “fairly consistent” with last year’s revenues with improvements in wireless service and equipment revenues.
Shares of Verizon slumped by as much as 2.23% to $47.85 in premarket trading this morning.
Blackstone shares rise
Blackstone’s economi net income was $986 million or 82 cents per unit. Corporate private equity carrying value improved 6.9% year over year. Management performance and advisory fees rose to $642.1 million, while performance fees surged to $1.1 billion. Investment income swung to a gain of $211.2 million from a loss in last year’s first quarter.
Shares of Blackstone Group rose by as much as 2.26% to $30.77 in premarket trades this morning.