$VZ · Schwab Network · 2026-10-26
Verizon 每股收益超预期并上调指引，得益于后付费用户增长强劲，但营收不及预期，股价下跌2.5%；华尔街希望用户增长能加快服务营收增长。竞争可能迫使公司降价并加大用户留存支出，说话者认为未来日子艰难；股价跌破41美元则有进一步走弱的风险，而 SpaceX 只是长期威胁。
逐段跳播
Verizon 发布财报后下跌了2.5%。那么，我们来仔细看看 Verizon 的这些财报数据。这是今天早盘交易的主要焦点。
Verizon fell 2.5 percent after releasing its earnings report. So, let's take a closer look at these Verizon earnings figures. This is the main focus of this morning's trading.
尽管营收超过了目标，股价却下跌了2.5%。我认为这在很大程度上是因为他们的营收略有不足。这也超过了他们的营收成绩，以及他们过去5年中最强的用户增长纪录，尤其是在第三季度后付费电话用户净增数方面。
这是他们过去五年中最好的数据之一，但仍不足以提振股价。
Despite exceeding the revenue target, the price fell by 2.5 percent. I think a lot of this is due to a slight shortfall in their revenue. This also surpassed their revenue success and their strongest subscriber growth record in the last 5 years, especially in terms of postpaid phone subscriber additions in the third quarter.
It was one of their best figures in the last five years, but it wasn't enough to boost the share price.
如果看这些数字，他们的每股收益是1.31美元。正如我所说，这超出了预期，但营收为343.1亿美元。这低于预期的347.4亿美元目标。
If we look at the numbers, their EPS was $1.31. As I said, it exceeded expectations, but revenue came in at $34.31 billion. This was lower than the expected target of $34.74 billion.
后付费净增用户数增加了40.6万。这比去年多了820%。他们本季度的净账户增长为13.7万。他们还连续第三个季度上调了财年预测。他们将后付费电话净增用户增长预测从此前的75万至100万上调至110万至120万。
他们还将合并每股收益增长预测上调至7%至7.5%之间。此前的上限是6%至7%。这使其中值达到约5.05美元。他们还将自由现金流增长预期从此前的9%至10%上调至约12%。
The number of postpaid net subscribers increased by 406,000. This is 820 percent more than last year. Their net account growth during this quarter was 137,000. They also raised their fiscal year forecast for the third consecutive quarter.
They have increased the postpaid phone net subscriber growth forecast to 11 lakh to 12 lakh from the previous range of 7.5 lakh to 10 lakh. They also raised their consolidated EPS growth forecast to between 7 percent and 7.5 percent.
The previous limit was 6 to 7 percent. This takes us to the midpoint at around $5.05. They also raised their free cash flow growth expectations to around 12 percent from the previous range of 9-10 percent.
所以，总体来看 Verizon 的前景不错，但华尔街显然希望看到这种用户增长转化为更快的服务营收，这样他们的“客户优先”战略才能在这里获得可信度。
So, overall Verizon's future prospects look good, but Wall Street clearly wants to see this subscriber growth translate into faster service revenue so that their 'customer first' strategy can gain credibility here.
他们本季度的服务营收更高。增长了约3%，达到235亿美元。此外，Verizon 宣布已与 Amazon Web Services 签署了一项价值超过20亿美元的协议。此举是为了扩展他们用于 AI 工作的分布式计算基础设施。这对他们来说也是一件大好事。
Their service revenue was higher this quarter. It increased by about 3 percent to $23.5 billion. Additionally, Verizon announced that it has signed a deal with Amazon Web Services worth more than $2 billion.
This is done to expand their distributed computing infrastructure for AI work. And this is also a great blessing for them.
10月9日，当我们第一次听到他们宣布以80亿美元购买低频段频谱时，那是 Verizon 自2002年以来最差的单日表现。
October 9th, when we first heard the announcement of their $8 billion purchase of low-band spectrum, was Verizon's worst single-day performance since 2002.
然后，正如你也说过的，在彭博报道他们正计划可能获取8万个美国手机信号塔的使用权后，他们的股价上周暴跌。不过，这位 CEO 评论说，他认为 SpaceX 建设移动网络至少需要四到六年时间，并耗资数千亿美元。
所以，这是 Verizon 对此事的看法。这不是迫在眉睫的威胁。这是一个潜在的长期威胁。不过，短期内，Verizon 提供了大量透明度，并且第三次上调了指引。
And then, as you also said, their stock price plummeted last week after Bloomberg reported that they were planning to potentially gain access to 80,000 US cell towers. However, the CEO commented that he thinks it will take at least four to six years and cost hundreds of billions of dollars for SpaceX to build a mobile network.
So, this is Verizon's perspective on this matter. This is not an imminent threat. This is a potential long-term threat. However, in the short term, Verizon is providing a lot of transparency and has raised their guidance for the third time.
但是，Sam，这还不足以改变今天早上的局面。尽管市场其他部分都是上涨的，我们却下跌了约2.5%，这相当有意思。
But, Sam, that's not enough to change the situation this morning. Despite the rest of the market being positive , we are down about 2.5% , which is quite interesting.
是的，谢谢你邀请我。当然，今天对 Verizon 来说不是个好日子。总体而言，今天是个好日子。至少可以说，我认为这是非常重要的一周。
Yes, thank you for inviting me. Of course, this is not a very good day for Verizon. Overall, it's a good day. I think this is a very important week, to say the least.
最后，至于 Verizon，是的，他们在这个新世界中面临着大量竞争。我认为这可能类似于 T-Mobile 过去所做的，就是为客户提供更低价格的选项。所以，Verizon 要应对这一点会相当困难。
他们将不得不稍微削减利润，可能还要花更多钱来留住现有客户，
And finally, as for Verizon , yes, they are facing a lot of competition in this new world. I think this could be similar to what T-Mobile did in the past, just offering lower pricing options for customers.
So, it's going to be quite difficult for Verizon to handle this. They'll have to cut their profits a bit, probably spend more to retain existing customers,
但我认为未来一段时间对 Verizon 来说会很艰难。例如，作为一笔交易，我在看3月。我在看行权价41的看跌期权。尽管略有走弱，它今早大约在1.85美元。所以，如果 Verizon 进一步走弱，41附近可能会有一些支撑。
我认为如果我们跌破该水平，它可能会跌得更低。所以，这笔交易中可能有一些保护，或者延续下行势头，因为它今年一直停滞不前。我们时不时看到一些涨跌，但没什么令人兴奋的。如果它转为下跌，我会关注41美元这个区域。
But I think the days ahead will be difficult for Verizon. For example, as a trade, I'm looking at March. I am looking at a put option at 41. It will be around $1.85 this morning, despite a slight weakness.
So, if Verizon shows further weakness , there could be some support around 41. I see that if we break that level , it could go even lower. So, there may be some protection in this trade, or continued downward momentum, as it has stalled this year.
We see some ups and downs from time to time, but nothing that exciting. If it turns negative, I will keep an eye on that $41 area.
这个频道对 $VZ 的历次判断
Schwab Network 在这只股票上共 4 条判断，这里只列相邻的几条。