11:26 AM EDT, 07/22/2024 (MT Newswires) -- Verizon Communications' ( VZ ) second-quarter revenue missed estimates amid a decline in upgrade volumes for wireless equipment.

Adjusted earnings came in at $1.15 per share for the June quarter, in line with the Capital IQ-polled consensus, but down from $1.21 the year before. Operating revenue edged up 0.6% to $32.8 billion due to service and other revenue, partially offset by a wireless equipment decline tied to lower upgrade volumes. The revenue figure trailed the Street's view for $33.05 billion.

The telecommunication giant's stock fell 6.2% in Monday's trading session.

Wireless service revenue advanced 3.5% to $19.77 billion, mainly driven by consumer wireless service gains of 3.7% to $16.3 billion, Chief Financial Officer Tony Skiadas said during an earnings call, according to a Capital IQ transcript. Service and other revenue rose 1.8% to $27.8 billion. Total upgrades for wireless equipment fell 13% year over year, Skiadas said.

The company added 148,000 net retail postpaid phone subscribers in the quarter, surging from 8,000 in the prior-year period. Broadband net additions totaled 391,000, down from 418,000 a year earlier. The company ended the quarter with 11.5 million broadband subscribers, reflecting annual growth of 17%.

Verizon lost about 624,000 wireless retail prepaid subscribers during the June quarter on a net basis. This included a 410,000 loss related to the shutdown of the Affordable Connectivity Program. Last year, the company lost 304,000 net subscribers.

"Our overall execution in consumer mobility has been improving quarter after quarter since early last year," Chief Executive Hans Vestberg said on the call. "And we expect to have positive postpaid phone net (additions) in consumer for the year."

The company continues to project adjusted EPS between $4.50 and $4.70 for 2024, while the Street is looking for $4.57. It reiterated its wireless service revenue growth outlook of 2% to 3.5%.

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