$VZ · Schwab Network · 2026-10-26
VZ 本季度业绩喜忧参半：调整后每股收益超出预期（31 美元，预期为 27 美元），后付费电话净增 406,000 户，约为预期的两倍，但营收 343 亿美元未达 347.4 亿美元的预期，宽带净增 314,000 户也未达标；全年电话净增指引上调至 110 万至 120 万户，而股价因 SpaceX 竞争威胁的压力而下跌。
逐段跳播
我们先从 Verizon 说起，它今天公布了业绩。是的，业绩喜忧参半。投资者难道没有试图弄清楚该如何解读这些业绩吗？公司在净利润方面表现好于预期，但营收没有达到预期。
Let's start with Verizon, which announced its results today. Yes, the results are mixed. Haven't investors tried to understand how to interpret these results? The company performed better than expected in its net profit, but did not achieve the expected revenue.
尽管 Verizon 及其同行是表现领先者，但它们仍面临压力。部分原因是 Elon Musk 及其 SpaceX 在电信领域的计划带来的潜在竞争威胁。
Although Verizon and its peers were leading performers, they were under pressure. Part of this is due to the potential competitive threat from Elon Musk and his SpaceX plans in the telecommunications sector .
调整后每股收益上涨 8.3%，达到每股 31 美元，好于预期，因为华尔街的预测是 27 美元。
Adjusted earnings rose 8.3% to $31 per share, better than expected, as Wall Street forecasts were for $27.
营收超过 343 亿美元，但华尔街原本预期更高，为 347.4 亿美元，增长 1.5%。我们看到无线和宽带服务有所增长。这帮助抵消了设备销售的疲软。
Revenue exceeded $34.3 billion, but Wall Street had expected more , $34.74 billion , an increase of 1.5%. We have seen growth in wireless and broadband services. This helped to offset weak equipment sales.
至于显著的增长，电话客户最为突出。Verizon 增加了这一关键人群，即 40.6 万后付费电话客户。这些是按月付费的客户。这大约是华尔街预期的两倍。
As for the notable growth, telephone customers were the most prominent. Verizon added this key demographic, 406,000 postpaid telephone customers . These are the customers who pay their bills monthly.
This is roughly double Wall Street's expectations.
因此，这就是为什么我们看到公司股价在开盘前最初上涨。而现在，股价又下跌了。部分原因是 Elon Musk 在这一领域的计划带来的压力和潜在竞争威胁。
Therefore, that is why we saw a rise in the company's shares initially before the market opened. And now, the stocks have fallen again. Part of this is due to the pressure and potential competitive threat from Elon Musk’s plans in this area.
宽带服务表现不佳。虽然公司确实通过新增 31.4 万客户扩大了客户群，但这低于预期。
Broadband services performed poorly. While it is true that the company increased its customer base by adding 314,000 customers, this fell short of expectations.
所以，公司在电话销售方面实现了强劲增长，这令人鼓舞，但改善在其所有业务板块中并不均衡。公司现在预计全年将新增 110 万至 120 万电话客户。这高于其此前区间上半部分。
So, the company has achieved strong growth in phone sales, which is encouraging, but the improvement is not even across all its sectors. The company now expects to add between 1.1 million and 1.2 million new telephone customers over the course of the year .
This is higher than the upper half of its previous range.
至于调整后收益，公司预计每股将在504美元至506美元之间。他们预计自由现金流增长将接近12%，高于移动和宽带通信业务收入9%至10%的增幅，正如你提到的，Nicole，这部分收入增长了近3%。
As for adjusted earnings, the company expects them to range between $504 and $506 per share . They expect free cash flow growth to approach 12%, which is up from 9 to 10% with respect to mobile and broadband communications revenues that, as you mentioned, Nicole, have seen an increase of nearly 3%.
但我在考虑这只股票，以及它此前因有关SpaceX可能进入同类业务的传闻而承压的情况。此外，Verizon与Amazon Web Services签署了一项价值20亿美元的AI基础设施协议。
but I'm thinking about the stock and how it was under pressure with talk of SpaceX potentially entering the same type of business, in addition to Verizon and Amazon Web Services signing a $2 billion deal for AI infrastructure.
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。