Verizon said Consumer segment operating revenues for the 3 months ended March 31, 2024 rose 0.8% to $25.1 billion, while Business segment revenues fell 1.6% to $7.4 billion. The comparison period is the same period in 2023.

1. 01

   Verizon said Consumer segment operating revenues for the 3 months ended March 31, 2024 rose 0.8% to $25.1 billion, while Business segment revenues fell 1.6% to $7.4 billion. The comparison period is the same period in 2023.

2. 02

   The company cited a decline in the number of wireless devices sold, driven by a 21% drop in upgrades, which reduced Consumer wireless equipment revenue by $722 million. It said a shift to higher-priced equipment in the device mix partially offset the decline, adding $365 million.

3. 03

   Verizon said net cash provided by operating activities for Q1 2024 fell $1.2 billion from the year-earlier period. It cited higher interest expense, $365 million in discretionary pension contributions and the timing of changes in working capital as factors. Capital expenditures totaled $4.4 billion, down about $1.6 billion from $6.0 billion a year earlier.

4. 04

   The company said total debt as of March 31, 2024 was $151.7 billion, comprising $128.4 billion of unsecured debt and $23.3 billion of secured debt, and that the effective interest rate for Q1 2024 was 5.0%. Net cash used in financing activities in the same quarter was $1.4 billion.

Key figures

Quarter ended March 31, 2024

Revenue

$33.0B

Operating income

$7.5B

Net income

$4.6B

EPS

$1.09

Operating cash flow

$7.1B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.