Verizon lifts profit forecasts after Google fiber deal
Verizon has raised its adjusted earnings forecast for 2023 after signing a deal worth over a billion dollars with Google to provide fiber optic services for its data centers. This agreement led to a roughly 3% increase in the company's stock price. The company also anticipates further agreements that could generate billions of dollars in revenue in the coming years, fueled by rising demand for fiber optic networks to support data centers through artificial intelligence technology. Despite a decline in second-quarter revenue, which amounted to $34.3 billion, the company's adjusted earnings for the quarter stood at $1.30 per share, surpassing market expectations. The company also expects free cash flow to grow by 9-10% this year.
Notice: This Is an AI-Generated Summary
Comments (0)