$VZ · The Motley Fool · 2026-10-26
Verizon 业绩强劲（预付费净增用户超过 40 万，为 5 年来最佳；新增 13.7 万账户），股息率 6.5%，因此估值有吸引力；近期月度下跌 6.5% 背后的 SpaceX/Starlink 担忧在未来几年多半是炒作。但它并非成长型故事，预计股价不会大幅上涨：即便大盘上涨 10%，持有者仍会跑输。
逐段跳播
我们回来之后，将讨论今天的主要财报，也就是Verizon的财报。我们稍后会详细谈。看起来很强劲，但股价仅今天一天就下跌了约2.2%。过去一周或一个月，它下跌了约6.5%。这轮下跌很大程度上是因为人们对Starlink进入市场的担忧。
When we return, we will be discussing today's main earnings report, which is Verizon's report. We will talk about it more shortly. It looks strong, yet the stock price has fallen by about 2.2% today alone.
Over the past week or month, it has fallen by about 6.5%. Much of this decline is due to people's concerns about the launch of Starlink on the market.
是的，数字看起来很棒。例如，仅举Verizon一例，其预付费手机净增用户超过40万部，是第三季度5年来的最佳数字。新增了13.7万个账户。这是在计入取消率等因素之后的数字。这是十多年来的最佳表现。
人们仍在订阅，仍在为Verizon增加新订阅。预期已连续第三个季度上升。
Yes, the numbers look great. For example, Verizon, to name just one example, saw net additions to prepaid phones exceed 400,000 units, its best figure in 5 years for the third quarter. 137,000 new accounts were added .
This is after accounting for the cancellation rate and the like. It's the best performance in over a decade. People are still subscribing, adding new subscriptions to Verizon. Expectations have risen for the third consecutive quarter.
例如，仅举Verizon一例，其预付费手机净增用户超过40万部，是第三季度5年来的最佳数字。新增了13.7万个账户。这是在计入取消率等因素之后的数字。这是十多年来的最佳表现。人们仍在订阅，仍在为Verizon增加新订阅。预期已连续第三个季度上升。
For example, Verizon, to name just one example, saw net additions to prepaid phones exceed 400,000 units, its best figure in 5 years for the third quarter. 137,000 new accounts were added.
This is after accounting for the cancellation rate and the like. It's the best performance in over a decade. People are still subscribing, adding new subscriptions to Verizon. Expectations have risen for the third consecutive quarter.
但没错，你说得一针见血，这只股票过去一个月确实下跌了6%，这是SpaceX的影响所致。
But yes, you hit the nail on the head when you said that the stock did indeed fall by 6% over the past month, and that's due to the impact of SpaceX.
Verizon首席执行官Dan Schulman对此发表了一些非常有力的表态。是的，Lou，这家公司一直是一家依赖分红的公司。但我们现在股息率是6.5%。我的印象是，他们在各个方面都提高了预期。
此时此刻，你对Verizon还能有什么更高的期待呢？
Verizon CEO Dan Schulman has made some very strong statements about this. Yes, Lou, this company has always been one that relies on dividends. But we are now at a dividend yield of 6.5%.
I came away with the impression that they raised expectations in every possible way. What more could you want from Verizon at this point?
是的，正是对未来的担忧可能对这只股票产生负面影响。但你看，现在这里的竞争非常激烈。因此，它不被视为一个成长型故事。
Yes, it is the specter of the future that could negatively affect this stock. But look, the competition is fierce here now. For this reason, it is not considered a growth story.
我不认为SpaceX最终进入——我强调“最终”这个词——真的会摧毁这项业务，因为正如我提到的，没有人有权定价。我们已经看到这个行业有四家参与者时是什么样子，当时情况糟糕到我们不得不变成三家。
无论如何，这就是现实。我认为Schumann夸大了SpaceX资本开支的故事。因此，我认为有些话是自私自利的。
I don't think that SpaceX's eventual entry— and I emphasize the word " eventually"—will really destroy the business, because, as I mentioned, no one has the power to set the prices.
We've already seen what this sector looks like with four players , and the situation was bad enough for us to move to three. In any case, this is the reality. I think Schumann exaggerates the story of SpaceX's capital expenditures.
Therefore, I believe that some words are self- serving.
我还想指出，如果SpaceX进入，这对Verizon、AT&T和T-Mobile未来的资本开支意味着什么？因为我认为他们需要回答一些关于Starlink能带来什么以及Starlink自身投资的问题。
I would also like to point out that if SpaceX enters, what will that mean for Verizon, AT& T, and T-Mobile's capital expenditures going forward ? Because I think they need to answer some of these questions about what Starlink can add, as well as Starlink's investment as well.
但没错，我不认为这项业务是一只令人振奋的成长股。它是一只估值非常有吸引力的股票，而SpaceX的大部分消息只是炒作，至少未来几年是这样。
But yes, I don't think this business is an inspiring growth stock . It's a very attractively valued stock, and most of the SpaceX news is just hype, at least for the next few years.
是的，挑战在于回报看起来很棒，但你不会获得股价的大幅上涨。即使市场上涨10%，你仍然是输家。
Yes, the challenge is that the return looks great , but you don't get a huge increase in the share value. Even if the market rises by 10%, you will still be a loser.