Verizon’s Profit Forecast Misses Estimates Amid Mobile Woes
- Free phone promotions to lure customers take toll on margins
- Company still trails peers on growth despite marketing efforts
Photographer: David Paul Morris/Bloomberg
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Verizon Communications Inc.’s profit outlook trailed Wall Street estimates as the consumer wireless business struggles to win new customers.
The largest US wireless carrier has relied on costly phone giveaways to compete with its peers. The company said Tuesday that it expects 2023 earnings per share, excluding some items, to be in the range of $4.55 to $4.85, while analysts were looking for $4.97, on average.