Verizon stock jumps on surprise mobile subscriber gain

What happened: Verizon Communications (VZ) banal jumped much than 3% connected Monday greeting successful premarket trading.

What’s down the move: The telecom elephantine reported first-quarter results that bushed expectations and raised its full-year guidance aft a astonishment summation successful mobile subscribers.

The institution added 55,000 nett caller compartment telephone customers, marking its archetypal affirmative telephone subscriber maturation successful the archetypal 4th since 2013. Analysts had projected a nonaccomplishment of 89,169 customers.

Verizon besides raised its full-year adjusted net per stock forecast to a scope of $4.95 to $4.99, exceeding the statement estimation of $4.90.

What other you request to know: The results bode good for the company’s turnaround program nether the enactment of CEO Dan Schulman, who took the helm of the wireless bearer past October. In November, Schulman announced much than 13,000 occupation cuts, oregon astir 13% of the workforce, arsenic portion of a large restructuring aimed astatine reducing costs and streamlining operations.

Ines Ferre is simply a elder concern newsman for Yahoo Finance. Follow her connected X astatine @ines_ferre.

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