Shares of Verizon fell Friday after the company reported second-quarter earnings that fell shy of expectations and trimmed its financial forecast for the year.
“Although recent performance did not meet our expectations, we remain confident in our long-term strategy,” Verizon CFO Matt Ellis said in a release.
The company’s stock was down more than 6% at $44.71 in morning trading.
Verizon’s quarterly results came after AT&T said Thursday its cash flow in the second quarter was hurt by factors including customers waiting longer to make their phone payments.
In its updated guidance, Verizon said it now expects wireless service revenue to increase 8.5% to 9.5%, down from its earlier expectations for growth of 9% to 10% for the full year. Service and other revenue is now expected to be down 1% to flat. It previously said it expected that revenue to be flat.
Adjusted earnings for 2022 are now expected to be $5.10 to $5.25 per share, down from the company’s previous forecast of $5.40 to $5.55.