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Verizon earnings, revenue miss Street estimates as wireless subscribers drop

Verizon Communications (VZ) reported first-quarter earnings and sales on Thursday that missed analysts' expectations, sending shares lower.

Here's what the company reported versus what the Street was expecting:

  • EPS: 95 cents vs estimate of 96 cents, according to Thomson Reuters analysts' consensus.
  • Revenue: $29.814 billion vs $30.487 billion estimate, according to Thomson Reuters.

The stock closed down more than 1 percent on Thursday.

Total revenues for Verizon's wireless business were $20.9 billion in the first quarter, a decline of 5.1 percent from one year ago, which was largely due to decreased overage revenue, lower postpaid customers in the quarter and continued promotional activity, Verizon said.

Verizon also reported a net decline of 307,000 retail postpaid connections, or those who are bound by contracts, including 289,000 phone losses. The telecom company said it added a net of 35,000 Fios internet connections, missing quarterly estimates, and it lost a net of 13,000 Fios video connections for the period.

"... we extended our wireless and fiber network capabilities, began offering...