Verizon Communications Inc. is down 4.56% at $50.02 a share after releasing disappointing fourth quarter results on Tuesday morning.
Verizon’s operating revenue fell for the third straight quarter, to $32.34 billion, from $34.25 billion in the same period of 2015.
Net income attributable also fell to $4.5 billion, or $1.10 per share, in the quarter ended Dec. 31 from $5.39 billion, or $1.32 per share, a year earlier.
Excluding items, the company earned 86 cents per share, missing the average estimate of 89 cents per share.
In other challenges, Verizon’s deal to buy Yahoo Inc’s core assets has been cast into doubt by data breaches at the internet company and the wireless provider added fewer subscribers than expected in the latest quarter amid stiff competition from smaller rivals T-Mobile U.S. Inc and Sprint Corp.
Tuesday’s selling has shares of Verizon at their lowest level since the beginning of December.
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