Verizon Shares Dip After Soft Q1 Revenue Results

Shares of Verizon Communications Inc. slid 1.6% after the internet, wireless and cable provider reported revenue fell short of expectations. The company said net income for the first quarter was $4.4 billion, or $1.06 per share, compared with $4.3 billion, or $1.03 a share during the same quarter last year. Analysts tracked by FactSet were expecting $1.06 earnings per share. Revenue for the quarter rose to $32.17 billion, up from the $31.98 billion in the prior year period, but fell short of the $32.45 billion FactSet consensus, however. During the quarter Verizon added 36,000 net new Fios video customers, as its subscriber numbers grew to 5.9 million, compared with 5.7 million a year ago. Shares of Verizon have gained nearly 12% in the year so far, while the Dow Industrial is up 3.9%.