Verizon Communications Inc shared its first-quarter 2024 financial results. The company reported a decline in both income and earnings per share (EPS) compared to what analysts had anticipated. The net income was $33 billion, and the Q1 EPS stood at $1.09.

Verizon, a telecommunications company, made public their Q1 2024 earnings on April 22. The financial results showed improvement from the disappointing performance in Q4 2023 but fell short of expectations.

The company's operating revenue for Q1 2024 was $33.0 billion, a slight increase of 0.2 percent from the same quarter in 2023. Verizon reported a consolidated net income of $4.7 billion in the first quarter, a decrease from $5.0 billion in the same period in 2023. The consolidated adjusted EBITDA for Q1 was $12.1 billion, up from $11.9 billion in Q1 2023.

Verizon disclosed an EPS of $1.09 for Q1, lower than the $1.17 reported in the first quarter of 2023. The adjusted EPS, excluding special items, was $1.15, down from $1.20 in Q1 2023.

Analysts had expected Verizon's Q1 2024 revenue to reach around $33.23 billion, a 1% decline year-over-year. The projected EPS for the quarter was $1.12, slightly higher than the actual $1.09.

Comparing today's results with the prior quarter of Q4 2023, in which the company reported an EPS of $(0.64) and an adjusted EPS of $1.08, total operating revenue was $35.1 billion, a 0.3 percent decrease from Q4 2022. The consolidated net loss for Q4 2023 was $2.6 billion, and the consolidated adjusted EBITDA stood at $11.7 billion.