On Thursday, Verizon Communications, Inc. (NYSE: VZ) announced its financial results for the first quarter of 2017, with earnings and revenue missing estimates. Shares of Verizon dropped 1.2% in the midday trading Thursday.
According to the company, revenue dropped from $32.17 billion in the same period last year to $29.81 billion, missing analysts’ estimates of $30.77 billion. Net income fell from $4.31 billion, or $1.06 per share the same period last year to $3.45 billion, or $0.84 per share, which was below estimates of $0.99 per share.
In addition, the company reported a loss of 307,000 retail postpaid subscribers or those who pay a monthly bill, which missed analysts’ estimates of adding 222,000. Customer defections among wireless retail customers who pay bills on a monthly basis rose to 1.15% of total wireless subscribers, which was lower than estimates of 1.03%.
“Our first-quarter results again demonstrated that customers value a high-quality network experience,” Lowell McAdam, the Chairman and CEO of Verizon, said in the statement.
“To build on our loyal customer base and the third-party recognition we have received for network leadership, we extended our wireless and fiber network capabilities, began offering an unlimited pricing option and expanded our opportunities in new markets. We’re executing on strategies to capture future growth and create long-term shareholder value,” he said.