Trending: Verizon Rises on 3Q Results, Improved Forecast

14:30 ET -- Verizon Communications is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Shares of the technology and communications provider are up more than 8%, making Verizon the Dow's best performer after it boosted its forecast. Verizon expects cash flow from operations for 2023 to be $36.25 billion to $37.25 billion with free cash flow above $18 billion, a $1 billion increase from its prior forecast. Capital spending for 2023 is expected at the higher end of the company's prior view for $18.25 billion to $19.25 billion. Verizon sees 2023 adjusted EPS of $4.55 to $4.85. The telecom giant said third-quarter profit fell to $4.88 billion, or $1.13 a share, from $5.02 billion, or $1.17 a share last year. Excluding special items, EPS was $1.22. Third-quarter revenue was down 2.6% to $33.34 billion on reduced wireless equipment revenue and lower postpaid upgrade activity. Dow Jones & Co. owns Factiva. ([e-mail])

(END) Dow Jones Newswires

October 24, 2023 14:45 ET (18:45 GMT)

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