Why Verizon Stock Sank Today
Verizon (NYSE: VZ) stock lost ground in Tuesday's trading. The telecom giant's share price ended the daily session down 6.6%, and had been off as much as 8.4% earlier in trading.Verizon stock moved lower today following cautious guidance from the company. Management expects that subscriber growth will be pressured in the near term, and investors sold shares in response.Competition for new wireless subscribers continues to be intense, and Verizon says that the dynamic will likely lead to soft subscriber growth this quarter. Speaking at the Deutsche Bank Media, Internet & Telecom Conference, Verizon chief revenue officer Frank Boulben said that Verizon had cut back on aggressive promotional campaigns from the fourth quarter -- but other players in the space had continued to aggressively pursue subscriber additions.Continue reading
Verizon (NYSE: VZ) stock lost ground in Tuesday's trading. The telecom giant's share price ended the daily session down 6.6%, and had been off as much as 8.4% earlier in trading.
Verizon stock moved lower today following cautious guidance from the company. Management expects that subscriber growth will be pressured in the near term, and investors sold shares in response.
Competition for new wireless subscribers continues to be intense, and Verizon says that the dynamic will likely lead to soft subscriber growth this quarter. Speaking at the Deutsche Bank Media, Internet & Telecom Conference, Verizon chief revenue officer Frank Boulben said that Verizon had cut back on aggressive promotional campaigns from the fourth quarter -- but other players in the space had continued to aggressively pursue subscriber additions.
