On July 24, Verizon rose 3.5% in regular trading, trading at $45.005/share, with turnover of $248 million. The gain was driven by the company reporting better-than-expected Q2 earnings and raising its full-year outlook for the second consecutive quarter.

Verizon posted Q2 adjusted EPS of $1.30, beating the consensus estimate of $1.27-$1.28, representing a 6.6% year-over-year increase from $1.22. The company raised its full-year adjusted EPS guidance to $4.99-$5.04, up from the prior range of $4.95-$4.99. Free cash flow surged 24.4% year-over-year to $6.4 billion in the quarter, while mobility and broadband service revenue grew 2.8% to $23.4 billion. Revenue of $34.25 billion missed estimates of $35.11 billion due to slower phone upgrades, with hardware revenue declining nearly 20%.

Additionally, Verizon confirmed a deal worth over $1 billion with Google to provide dark fiber connectivity for its data centers. The CEO disclosed that multi-billion-dollar multi-year contracts have been signed and are expected to be announced by year-end, with AI infrastructure revenue set to materialize starting in 2027.

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