Oct 22, 01:43 PM

Verizon Q3 Revenue Misses Estimates; 10% Upgrade Decrease Signals Weak iPhone 16 Launch

Verizon Communications Inc. reported disappointing revenue figures for the third quarter of 2024, missing analysts' estimates primarily due to a decline in wireless equipment sales. During a conference call, Chief Financial Officer Anthony Skiadas noted that while there was continued growth in wireless service revenue, the overall performance indicated a lack of a significant upgrade cycle, with a 10% decrease in upgrades compared to the previous year. The wireless retail postpaid upgrade rate remains near historical lows, despite a slight quarter-over-quarter increase of 30 basis points from the previous year. These trends suggest a challenging outlook for Apple, as Verizon's earnings imply that the launch of the iPhone 16 did not meet expectations.

#Anthony Skiadas #Apple #Verizon #iPhone 16

Written with ChatGPT (GPT-4o mini).

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Verizon Q3 Revenue Misses Estimates; 10% Upgrade Decrease Signals Weak iPhone 16 Launch

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