Verizon Communications Inc. reported its second-quarter 2024 results, showcasing a mixed financial performance with some positive trends. The company's total consolidated operating revenue increased slightly by 0.6% year-over-year to $32.8 billion, driven by growth in service and other revenue. However, profitability saw a slight decline, with earnings per share dropping from $1.10 in Q2 2023 to $1.09 in Q2 2024. On an adjusted basis, EPS decreased from $1.21 to $1.15. Capital expenditures for the first half of 2024 decreased significantly to $8.1 billion, compared to $10.1 billion in the same period of 2023, as the company returned to historic levels of capital intensity.
The company reported strong performance in key areas such as wireless service revenue, broadband subscriber growth, and free cash flow. Total wireless service revenue grew by 3.5% year-over-year to $19.8 billion, while free cash flow for the first half of 2024 increased to $8.5 billion from $8.0 billion in the previous year.
Verizon Chairman and CEO Hans Vestberg commented on the results: "The sequential and year over year improvements in the second quarter were a reflection of operational excellence and the moves we made to bring choice, value and control to our customers' lives. Our industry-leading network serves as a catalyst for how our millions of customers live their lives, and serves as the backbone for new and emerging technologies. We continue to build and expand on our strengths and successes with new products and services, and we are confident that this upward momentum will position us for future growth."
Consumer Group:
- Total revenue increased by 1.5% year-over-year to $24.9 billion
- Wireless service revenue grew by 3.7% to $16.3 billion
- Reported 8,000 wireless retail postpaid phone net losses, an improvement from 136,000 losses in Q2 2023
- Added 218,000 fixed wireless net additions and 24,000 Fios Internet net additions
Business Group:
- Total revenue decreased by 2.4% year-over-year to $7.3 billion
- Wireless service revenue increased by 2.4% to $3.4 billion
- Reported 268,000 wireless retail postpaid net additions, including 156,000 postpaid phone net additions
- Added 160,000 fixed wireless net additions, the highest quarterly result to date
