Verizon Communications Inc. (NYSE:VZ) stock rose 3.10% (As on April 23, 11:28:25 AM UTC-4, Source: Google Finance) after the company lost fewer than expected wireless subscribers during the first quarter. During the period, it lost 68,000 monthly bill-paying wireless phone subscribers, below the 100,000 expected. Total postpaid net additions for the first quarter were 253 thousand, down from 633 thousand in the prior year period, as slower growth in tablets, wearables, and other connected devices more than offset improved phone net losses and solid performance in FWA. Total broadband net additions for the first quarter were 389  thousand compared to 437 thousand in the prior year period.

Moreover, Wireless service revenue grew 3.3% to $19.5 billion driven by pricing, adoption of higher premium price plans, and subscriber growth. Total Fios revenue was $3.2 billion, up 0.3% year over year. Wireless equipment revenue was $5.4 billion, down 6.9% year over year, predominantly due to lower upgrade volumes. Consolidated net income for the first quarter was $4.7 billion compared to $5.0 billion for the first quarter 2023, as the benefits from improved operational performance and pricing actions were more than offset by higher selling, general, and administrative (SG&A) expenses and higher interest expense. Consolidated adjusted EBITDA  for the first quarter was $12.1 billion, compared to $11.9 billion in the prior year period.

VZ in the first quarter of FY 24 has reported the adjusted earnings per share of $1.20, beating the analysts’ estimates for the adjusted earnings per share of $1.12. The company had reported the adjusted revenue growth of 0.2 percent to $33 billion in the first quarter of FY 24, missing the analysts’ estimates for revenue of $33.3 billion. Total Consumer revenue for the first quarter was $25.1 billion, up 0.8% year over year. Consumer Wireless postpaid ARPA was $135.75 for the first quarter, up 4.4% year over year, driven by pricing actions implemented in recent quarters.

Additionally, Cash flow from operating activities for the first quarter was $7.1 billion compared to $8.3 billion in the prior year. Capital spending for the first quarter was $4.4 billion compared to $6.0 billion in the prior year period. Free cash flow  for the first quarter was $2.7 billion compared to $2.3 billion in the prior year period.

The company continues to expect total wireless service revenue growth of 2% to 3.5% and adjusted EPS in the range of $4.50 to $4.70, with analysts projecting $4.58.