BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
News: stock, crypto, macro, education
Verizon Q2 2024 Earnings Report Highlights Strong Wireless and Broadband Growth
Verizon Communications Inc. (NYSE, Nasdaq: VZ) has reported robust results for the second quarter of 2024, showcasing significant growth in wireless service revenue and broadband subscriber base. Despite the positive performance, premarket trading has seen a 1.5% dip in Verizon's stock price.
Q2 2024 Highlights
Wireless Service Revenue Growth
Verizon achieved a notable milestone with total wireless service revenue reaching $19.8 billion, marking a 3.5% year-over-year increase. Key drivers include:
- Retail postpaid phone net additions of 148,000 and total retail postpaid net additions of 340,000.
- Retail postpaid phone churn rate of 0.85% and overall retail postpaid churn rate of 1.11%.
Broadband Subscriber Surge
Verizon continued to excel in broadband services, recording double-digit growth:
- Total broadband net additions hit 391,000, marking the eighth consecutive quarter with over 375,000 additions.
- Fixed wireless net additions were 378,000, culminating in a total of over 3.8 million fixed wireless subscribers—a 69% year-over-year increase.
- Total broadband subscribers reached 11.5 million by the end of Q2, up 17.2% year-over-year.
- Fixed wireless revenue for the quarter was $514 million, an increase of over $200 million compared to last year.
Consolidated Financial Performance
- Total operating revenue was $32.8 billion, up 0.6% from Q2 2023.
- Consolidated net income was $4.7 billion, slightly down from $4.8 billion in Q2 2023.
- Adjusted EBITDA was $12.3 billion, up from $12.0 billion in Q2 2023.
- Earnings per share (EPS) was $1.09, compared to $1.10 in Q2 2023. Adjusted EPS, excluding special items, was $1.15, compared to $1.21 in Q2 2023.
Consumer and Business Segments
Verizon Consumer saw a revenue increase to $24.9 billion, driven by a 3.7% rise in wireless service revenue. However, there was a slight decline in wireless equipment revenue. The business segment experienced a 2.4% decrease in revenue year-over-year, despite a 2.4% increase in wireless service revenue.
Outlook for 2024
Verizon remains confident in meeting its full-year 2024 financial guidance, expecting:
- Wireless service revenue growth of 2.0% to 3.5%.
- Adjusted EBITDA growth of 1.0% to 3.0%.
- Adjusted EPS of $4.50 to $4.70.
- Capital expenditures between $17.0 billion and $17.5 billion.
- Adjusted effective income tax rate in the range of 22.5% to 24.0%.
Hans Vestberg, Verizon Chairman and CEO, attributed the positive results to operational excellence and strategic initiatives aimed at enhancing customer choice and value. He emphasized the company's strong network as a foundation for future growth and technological advancements.
(Source: Verizon)
More articles
BlackRock Q3 2024 Earnings: AUM Reaches New Heights Amid Strong Inflows
Wells Fargo Q3 2024 Earnings Report: Profit Declines Amid Lower Interest Income, Investment Banking Offers Support
Wells Fargo & Co. announced its third-quarter 2024 financial results, revealing mixed performance. The bank's net income dropped by 11.3% year-over-year to $5.11 billion, while revenue fell 2% to $20.37 billion. This decline in revenue was driven primarily by an 11% drop in net interest income, which came in at $11.69 billion. Higher funding costs and customer movement towards higher-yielding deposits were key factors contributing to the lower interest income.
JPMorgan Chase Reports Strong Q3 2024 Results, Beating Expectations
JPMorgan Chase & Co. has once again exceeded market expectations with its third-quarter 2024 earnings report, delivering robust results. The bank reported a net income of $12.9 billion, a slight decrease from $13.1 billion in the same period last year. However, earnings per share (EPS) rose to $4.37, outperforming analysts' expectations of $4.01. This represented a 1% increase in EPS year-over-year, despite the minor decline in net income.
DOJ Pushes to Break Up Google as Antitrust Battle Heats Up
The U.S. Department of Justice (DOJ) has intensified its efforts against Google in a landmark antitrust case, marking a potential turning point for Big Tech regulation. This week, the DOJ revealed it is seriously considering drastic remedies to curb Google's dominance, including breaking up the tech giant's key business units such as Chrome and Android. This follows an August 2024 ruling that found Google had been illegally maintaining a monopoly over internet search and advertising.
PepsiCo Q3 2024 Earnings Report: Revenue Miss and Revised Growth Outlook
PepsiCo has announced its third-quarter earnings for 2024, revealing a mixed performance. The company reported a decline in overall revenue but managed to beat profit expectations, demonstrating resilience in several key segments despite global challenges. Here's a detailed breakdown of the report.
McCormick Reports Strong Q3 2024 Results and Raises Full-Year Outlook
McCormick & Co., a global leader in spices and flavor solutions, delivered better-than-expected Q3 2024 earnings, driving a 5% increase in its stock price. The company reported revenue of $1.68 billion, which remained flat compared to the same quarter last year but surpassed market expectations. The earnings per share (EPS) increased by 32% to $0.83, well above analysts' estimates of $0.67, reflecting strong operational performance and cost control efforts.
Paychex Reports Strong Q1 2025 Earnings with 3% Revenue Growth
Paychex, Inc. (NASDAQ: PAYX) kicked off its fiscal year 2025 with solid Q1 earnings, posting a 3% year-over-year increase in revenue, reaching $1.32 billion. The payroll and human resource services giant also delivered adjusted earnings per share (EPS) of $1.16, slightly above the consensus estimate of $1.14. This growth was primarily driven by the company's strong performance in Human Capital Management (HCM) solutions and Professional Employer Organization (PEO) services.
Nike Q1 2025 Earnings: Revenue Decline Amid Market Challenges
Nike, Inc. reported its Q1 2025 fiscal earnings on October 1, revealing a 10% decline in revenue to $11.6 billion, down from $12.9 billion in the same period last year. This drop is attributed to weakening demand across major markets, notably in North America, where revenue fell by 11%, and Europe, the Middle East, and Africa, which saw a 13% decline. Greater China also posted a 4% drop in sales.
Carnival Corporation Reports Record Q3 2024 Earnings: Revenue, Net Income, and Future Outlook
Carnival Corporation, the world's leading cruise operator, posted impressive financial results for the third quarter of 2024, breaking several records and surpassing market expectations. With revenue reaching an all-time high of $7.9 billion, a 15% increase year-over-year, Carnival demonstrated a strong recovery and continued growth in the cruise industry. This financial achievement exceeded the expected $7.83 billion forecast, signaling robust consumer demand for cruises despite inflationary pressures.
Alibaba's Recent Surge and Key Developments in Late September 2024
In the final week of September 2024, Alibaba's stock surged over 20%, reaching its highest point in a year. This impressive growth stems from a combination of strategic innovations, favorable regulatory changes, and broader economic support in China.
