By Emily Dattilo
Verizon Communications stock was tumbling after the telecom company issued disappointing financial guidance.
Verizon stock fell 7.5% to $42.98 on Tuesday, on track for its largest daily percentage decrease since October 2008, according to Dow Jones Market Data. AT&T stock dropped 3%, while T-Mobile declined 3.8%.
"It's been a challenging quarter from a competitive intensity standpoint, " Chief Revenue Officer Frank Boulben said in a transcript of the Deutsche Bank Media, Internet & Telecom Conference on Tuesday.
At the event, Verizon announced it anticipates first-quarter postpaid phone net additions to be impacted by three to five basis points of churn incremental to the year-ago period, citing recent pricing actions and postpaid phone gross additions that are flat to slightly down from the prior year period.
"Verizon remains confident in its full year financial guidance and that, without the impact of the second number offering, it will generate more Consumer postpaid phone net additions in full year 2025 than it did in 2024," the company said in a securities filing.
The market, less so.
Write to Emily Dattilo at emily.dattilo@dowjones.com
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(END) Dow Jones Newswires
March 11, 2025 10:08 ET (14:08 GMT)
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