Verizon stock traded at $35.11  as of 01:28 PM EDT on Friday

On Friday, Verizon (NYSE:VZ) reported mixed third-quarter results and said it would launch a cost-savings strategy to cut between $2 billion and $3 billion in annual spending by 2025. The telecom provider’s shares also hit a new 52-week low. As the company tries to adjust to the new economic reality and the changing way competition works in the wireless market, it just reported that it lost customers in its retail postpaid phone business for the third quarter in a row.

Only 8,000 postpaid phone subscribers were added by the Hans Vestberg-led Verizon (NYSE:VZ) during the same period, far less than the 708,000 total postpaid phone subscribers added by rival AT&T. In contrast to expectations of $1.29 per share and $33.79 billion in revenue, the company earned an adjusted $1.32 per share on $34.2 billion in sales. Wireless brought in $18.8 billion in revenue, which is 10% more than the year before.

Developments to Impact Verizon Stock Forecast

Verizon (NYSE:VZ), which is based in New York City, also added 377,000 broadband customers, including 342,000 fixed wireless customers. The company predicted that adjusted EBITDA would go up by less than 1.5% or stay the same in 2022, while growth in wireless service revenue would stay between 8.5% and 9.5%. Analysts expected $5.17 per share, but Verizon (NYSE:VZ) stuck to its adjusted earnings per share guidance of $5.10 to $5.25.

Vestberg said in the press statement that the corporation is “being careful and smart in our decisions to strengthen our business,” as seen by the new cost-savings initiative and pricing action taken earlier this year.

At 8:30 a.m., Verizon (NYSE:VZ) will have a conference call to go through the findings.

Verizon (NYSE:VZ) had some changes made to it earlier this month, and the company’s top lawyer, Craig Silliman, was put in charge of the new Global Services Organization.

Is Verizon A Good Buy Or A Good Sell?

Featured Image-  Megapixl @ Waingro

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