What happened: Verizon Communications (VZ) stock jumped more than 3% on Monday morning in premarket trading.
What’s behind the move: The telecom giant reported first quarter results that beat expectations and raised its full-year guidance after a surprise gain in mobile subscribers.
The company added 55,000 net new cellphone customers, marking its first positive phone subscriber growth in the first quarter since 2013. Analysts had projected a loss of 89,169 customers.
Verizon also raised its full-year adjusted earnings per share forecast to a range of $4.95 to $4.99, exceeding the consensus estimate of $4.90.
What else you need to know: The results bode well for the company’s turnaround plan under the leadership of CEO Dan Schulman, who took the helm of the wireless carrier last October. In November, Schulman announced more than 13,000 job cuts, or roughly 13% of the workforce, as part of a major restructuring aimed at reducing costs and streamlining operations.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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