Verizon (NYSE: VZ) reported strong Q4 2019 earnings with mixed results compared to analyst estimates for the quarter.
The U.S. telecom giant posted quarterly steady growth of 1.4% year over year to the tune of $34.8 billion, beating consensus estimates of $34.62 billion.
Verizon’s results come after competitors AT&T and Sprint reported their earnings earlier this week.
Competition in U.S. wireless services remains tight between the big players but Verizon has the reputation of being among the best service for consumers, what will remain to be seen is if that reputation is maintained as the new 5G network is built and deployed.
Verizon’s posted diluted earnings of $1.13 per share after excluding special items, just missing analyst estimates of $1.14.
Verizon also updated the market on their expectations for 2020, providing EPS guidance of between 2%-4% growth and low to mid single digit growth in consolidated revenues compared to 2019.
Verizon trades at a slightly higher multiple to other U.S. telecom stocks which is fitting considering it is the market leader both in reputation and results.
Source: Ycharts
Verizon stock was trading down just under 1% in pre-market trading immediately following the release of results and has underperformed recently. The company’s stock price grew 14% over the course of 2019 which in most years would be considered good but not in 2019 as the S&P 500 was up more than 30% over the year.
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