Verizon Communications Inc. (NYSE:VZ) early Thursday posted worse than expected first quarter earnings results, although its new Verizon Unlimited wireless plan helped turn things around mid-quarter.

Written by StockNews.com

The New York City-based telecom giant reported:

• Q1 earnings per share (EPS) of $0.95, which was $0.01 worse than the Wall Street consensus estimate of $0.96.
• Revenues fell 7.3% from last year to $29.81 billion, also falling short of analysts’ view for $30.41 billion...
• That its new Verizon Unlimited wireless plan had a big positive impact on customer additions in the latest period. While it still lost 307,000 retail postpaid connections in Q1, that loss was much steeper at 398,000 earlier in the quarter. The tide then turned after Unlimited was released, and it added 109,000 retail postpaid phone connections afterward.

Looking ahead:

• VZ expects full-year 2017 consolidated revenues, to be mostly flat compared with 2016.

Chairman and CEO Lowell McAdam commented via press release:

“Our first-quarter results again demonstrated that customers value a high-quality network experience.

To build on our loyal customer base and the third-party recognition we have received for network leadership, we extended our wireless and fiber network capabilities, began offering an unlimited pricing option and expanded our opportunities in new markets.

We’re executing on strategies to capture future growth and create long-term shareholder value.”

Verizon Communications Inc. shares fell $1.07 (-2.19%) in premarket trading Thursday. Year-to-date, VZ has declined -6.24%, versus a 4.89% rise in the benchmark S&P 500 index during the same period.

VZ currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #17 of 32 stocks in the Telecom – Domestic category.