Verizon Communications Inc., (NYSE: 
VZ) through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide saw it's shares dip nearly 5% in Tuesday's premarket session.
Verizon Communications (NYSE:VZ) reported a wider-than-estimated drop in phone subscribers outweighing first-quarter results that topped analysts' expectations.
The company posted adjusted earnings per share (EPS) of $1.19 on operating revenue of $33.49 billion. Analysts polled by Visible Alpha expected $1.15 and $33.33 billion, respectively.
Furthermore, the company reported retail postpaid phone net losses of 289,000 subscribers. Analysts were expecting a net loss of about 218,000 subscribers.
Verizon Chief Revenue Officer Frank Boulben said Last month at a conference that new subscriber figures in the quarter were "probably going to be soft," although he affirmed the company's forecast for wireless service revenue to grow by 2% to 2.8% this year.
Shares dropped nearly 5% immediately after the report. They entered the day up about 7% this year.
Shares of Verizon (VZ) is close to breaking the strong support point holding the asset from nosediving. Should VZ break below the $40 support? A selling spree might push shares of Verizon to the $37 support point.
However, all eyes are on the RSI at 42, shouldVZ hold the bears from entering oversold region, a bullish reversal might evolved in the short to long term.
VZ) through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide saw it's shares dip nearly 5% in Tuesday's premarket session. Verizon Communications (NYSE:
VZ) reported a wider-than-estimated drop in phone subscribers outweighing first-quarter results that topped analysts' expectations.The company posted adjusted earnings per share (EPS) of $1.19 on operating revenue of $33.49 billion. Analysts polled by Visible Alpha expected $1.15 and $33.33 billion, respectively.
Furthermore, the company reported retail postpaid phone net losses of 289,000 subscribers. Analysts were expecting a net loss of about 218,000 subscribers.
Verizon Chief Revenue Officer Frank Boulben said Last month at a conference that new subscriber figures in the quarter were "probably going to be soft," although he affirmed the company's forecast for wireless service revenue to grow by 2% to 2.8% this year.
Shares dropped nearly 5% immediately after the report. They entered the day up about 7% this year.
Shares of Verizon (
VZ) is close to breaking the strong support point holding the asset from nosediving. Should VZ break below the $40 support? A selling spree might push shares of Verizon to the $37 support point. However, all eyes are on the RSI at 42, should
VZ hold the bears from entering oversold region, a bullish reversal might evolved in the short to long term. 
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