Shares of Verizon fall as Earnings miss

Verizon Communications, Inc. (NYSE: VZ) fell over 4.4 percent after the company posted disappointing fourth-quarter earnings of $0.86 per share on revenues of $32.34 billion. Analysts were expecting $0.89 per share on revenues of $32.092 billion.

“In the fourth quarter we expanded our customer base in highly competitive wireless and broadband markets,” he said in a statement. “This capped a year in which we delivered solid results and returned value to shareholders, including $9.3 billion in dividends. We enter 2017 with confidence, based on our investments in next-generation networks and the new capabilities we have acquired. Our goal is to continue to earn our customers’ loyalty every day in a rapidly expanding mobile-first digital world.”

According to CNBC, Verizon confirmed to lay off 155 staffers at go90, mostly affecting the millennial-oriented mobile streaming service office. The company also added a net 591,000 retail postpaid subscribers in the quarter, and said it had 114.2 million retail connections, a 1.9 percent year-over-year increase. The quarterly results come amid Verizon’s pending acquisition of Yahoo in a $4.8 billion deal, which has been met with hurdles after the search engine company announced two huge securities breaches. The hacks, which affected at least a billion accounts, has triggered questions about whether the deal would still be viable and, if so, at what price.

After the second breach was revealed, Verizon told CNBC: “As we’ve said all along, we will evaluate the situation as Yahoo continues its investigation. We will review the impact of this new development before reaching any final conclusions.”

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