Verizon Communications Inc. reported a first-quarter FY22 sales growth of 2.1 percent year-on-year, to $33.6 billion, beating the consensus of $33.5 billion. Adjusted EPS of $1.35 was in-line with the consensus.
Total wireless service revenue was $18.3 billion, up 9.5 percent Y/Y, reflecting the first full quarter of TracFone ownership. Service and other revenue were down 2.5 percent due to revenues lost from Verizon Media Group.
The quarter marked 229,000 total broadband net additions and 35,000 wireline broadband net additions (driven by 60,000 Fios Internet net additions).
Total Verizon Business revenues were $7.7 billion, down 0.9 percent Y/Y. Total Verizon Consumer revenue grew 10.9 percent Y/Y to $25.3 billion. Consumer wireless service revenues rose 11.2 percent Y/Y, ending with 36 percent of its account base on a premium tier.
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