10:35 AM EDT, 04/22/2024 (MT Newswires) -- Verizon Communications ( VZ ) reported better-than-expected first-quarter earnings, while the telecommunications giant recorded fewer postpaid phone subscriber losses versus a year ago.

Adjusted earnings came in at $1.15 per share for the March quarter, down from $1.20 the year before, but ahead of the Capital IQ-polled consensus of $1.12. Operating revenue edged up 0.2% to $32.98 billion, aided by price hikes implemented in the previous quarters. The revenue figure fell short of the Street's view for $33.23 billion.

Shares of the company rose in premarket activity, but were down 2.3% after the opening bell.

Wireless service revenue advanced 3.3% to $19.51 billion, mainly driven by pricing, a higher premium price plan adoption and growth in fixed wireless offerings, according to the company. Service and other revenue inclined 1.7% to $27.62 billion.

Verizon lost 68,000 net retail postpaid phone subscribers in the quarter, narrowing from 127,000 losses in the prior-year period. Broadband net additions totaled 389,000, down from 437,000 a year earlier. The company ended the quarter with 11.1 million broadband subscribers.

"Despite taking further pricing action this quarter, our postpaid full net adds performance improved year-over-year, evidence of how our differentiated value proposition is resonating with customers," Chief Executive Hans Vestberg said during an earnings call, according to a Capital IQ transcript. "We mitigated churn impacts from pricing actions through laser-focused retention efforts and the strength of our value proposition."

The company continues to expect adjusted EPS to be in between $4.50 and $4.70 for full-year 2024, while the Street is looking for $4.57. It also still sees wireless service revenue growth outlook of 2% to 3.5%.

"Our results from the first quarter set us up well to deliver on our financial guidance for the year," Chief Financial Officer Anthony Skiadas told analysts during the call. "Our disciplined approach continues to put us in a strong position to execute on our capital allocation priorities."