Verizon Shares Fall On Earnings Miss, Blackstone Shares Rise On Revenue Beat

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.

Here are all the ideas presented at the 2020 Robin Hood Investors Conference

2020 Robin Hood Investors ConferenceAs usual, the Robin Hood Investors Conference has brought several new investment ideas from some of the top minds in the wealth management business. Investors heard from Sachem Head's Barnes Hauptfuhrer, One Tusk Investment Partners' Vivian Lau, Lone Pine's Mala Gaonkar, Lakewood Capital's Anthony Bozza, CAS Investment Partners' Clifford Sosin, Teca Capital's Fernando Vigil and Read More


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

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.