Citing price increases and a substantial cut in CAPEX, Verizon reported operating revenue of $33.0 billion, up 0.2 percent from first-quarter 2023. Consolidated net income was $4.7 billion, compared to consolidated net income of $5.0 billion in first-quarter 2023. Consolidated adjusted EBITDA of $12.1 billion, up from $11.9 billion in first-quarter 2023. Earnings per share of $1.09, compared with earnings per share of $1.17 in first-quarter 2023.
Some highlights
Total wireless service revenue in first-quarter 2024 was $19.5 billion, up 3.3 percent year over year, driven primarily by pricing actions implemented in recent quarters, higher premium price plan adoption, and growth of our fixed wireless subscriber base.
First-quarter 2024 capital expenditures were $4.4 billion, compared to $6.0 billion in first-quarter 2023.
- Verizon's total unsecured debt as of the end of first-quarter 2024 was $128.4 billion, a $0.1 billion decrease compared to fourth-quarter 2023, and $3.6 billion lower year over year.
- Consumer wireless service revenue in first-quarter 2024 was $16.1 billion, up 3.4 percent year over year, driven by growth in Consumer wireless postpaid average revenue per account (ARPA) from pricing actions and continued FWA adoption.
- Consumer wireless retail postpaid churn was 1.03 percent in first-quarter 2024, and wireless retail postpaid phone churn was 0.83 percent.
- In first-quarter 2024, Consumer reported 158,000 wireless retail postpaid phone net losses, representing an improvement of 105,000 from first-quarter 2023 net losses of 263,000, driven by improvements in both gross adds and churn. This represents Verizon Consumer's best first-quarter performance since 2018.
- Consumer postpaid phone gross additions in first-quarter 2024 increased 5.3 percent year over year, driven by the continued success of myPlan and last year's go to market improvements.
- Consumer reported 216,000 wireless retail prepaid net losses in first-quarter 2024. Wireless retail prepaid net losses excluding SafeLink Wireless, Verizon's brand offering access to government-sponsored connectivity benefits and programs, were 131,000.
- Consumer reported 203,000 fixed wireless net additions and 49,000 Fios Internet net additions in first-quarter 2024. Consumer Fios revenue was $2.9 billion in first-quarter 2024.
- Total Verizon Business revenue was $7.4 billion in first-quarter 2024, a decrease of 1.6 percent year over year, as increases in wireless service revenue were more than offset by decreases in wireline revenue and wireless equipment revenue.
- Business wireless service revenue in first-quarter 2024 was $3.4 billion, an increase of 2.7 percent year over year. This was driven by continued strong net additions in the quarter for both mobility and fixed wireless, as well as benefits from pricing actions implemented in recent quarters.
For 2024, Verizon continues to expect the following:
- Total wireless service revenue growth2 of 2.0 percent to 3.5 percent.
- Adjusted EBITDA growth of 1.0 percent to 3.0 percent.
- Adjusted EPS1 of $4.50 to $4.70.
- Capital expenditures between $17.0 billion and $17.5 billion.
- Adjusted effective income tax rate1 in the range of 22.5 percent to 24.0 percent.
