Verizon Stock Falls as $2B in One-Time Costs Drag Earnings Lower

Core Insights - Verizon's third-quarter revenue and net income fell below analysts' expectations, leading to a decline in share price [1] - The company reported $33.33 billion in revenue, which is roughly flat year-over-year and slightly below consensus estimates [1] - Profit decreased by 30% to $3.41 billion, or 78 cents per share, which was more than $1 billion short of expectations [1] Financial Performance - Verizon's profit numbers were impacted by over $2.3 billion in one-time charges related to acquisitions, severance costs, and other expenses [2] - Adjusted earnings per share (EPS) came in at $1.19, a penny above estimates when excluding special items [2] - The company anticipates losing about 4,800 employees through a buyout program by March 2025, which accounted for $1.7 billion of the one-time charges in Q3 [2] Strategic Outlook - CEO Hans Vestberg stated that recent acquisitions, including a $20 billion deal for Frontier Communications and a $3.3 billion lease of communications towers, position Verizon for disciplined growth [3] - Verizon reaffirmed its full-year adjusted EPS guidance of $4.50 to $4.70 [3] - Shares of Verizon were down nearly 4% to $42.06 shortly before the market opened [3]