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Verizon ups profit forecast after fiber deal
Verizon has raised its adjusted earnings outlook for 2024 after striking a deal worth over one billion dollars with Google to provide fiber optic connectivity services for its data centers. CEO Dan Schlaman explained that additional potential agreements will boost long-term revenues, especially as the company invests in AI infrastructure and leverages fiber networks to meet the high-capacity connectivity demands of cloud computing firms. Despite second-quarter revenues declining to $34.3 billion compared to the expected $35.16 billion, Verizon reported adjusted earnings of $1.30 per share, beating market expectations due to cost-cutting measures and increased subscriber numbers, adding 184,000 mobile phone subscribers during the quarter. The company projects free cash flow growth of 9-10% for the year and has raised its annual earnings forecast to between $4.99 and $5.04 per share.
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