Verizon Communications Inc. the largest wireless communications company in the United States is scheduled to deliver Q1 2022 revenue on Friday, April 22, ahead of the open market. Zacks forecasts Q1 sales to grow 1.57 % compared to the prior-year quarter of $33.38 billion , while earnings per share are expected to grow 3.05% at $1.35 per share.
Interestingly, in the first quarter of 2022, Verizon has started to deploy 5G Ultra Wideband networks to more than 100 million users in 1,700 cities to support demand for real-time interactions. This is the result of its $53 billion investment in C-Band spectrum in 2021, twice the size of AT&T ‘s investment, which is due to report earnings one day before. It forecast sales and return per share fell to multi-year lows of $38.28 billion and $0.70 per share, down -12.42% and -18.6% from the same period last year, respectively.
The first-quarter earnings report will be followed by the “ Sell in May and Go Away ” mantra as the weakest 6-mth period (May-October) kicks -off. This year’s special is set for its key Fed meeting in May. Most recently, Fed official Bullard said it was imperative that the Fed raise interest rates another 0.75% after March inflation continued to hit a 40-year high of 8.5% a year, pushing the Dollar higher (a 2-yr high vs EUR) and a 20-yr high vs. JPY as bond yields rose to their highest in three years at 2.98%.
TECHNICAL VIEW
#Verizon share price in earnings report week is positive. After the price was able to rise above the MA200 line since last week. Moving up from there will be first resistance at the previous year’s high of 55.40. If it breaks above this level there will be the next resistance at the Fibo 161.8 level at the 58.00 zone . The first support is at the MA200 at 53.40 and the next important support will be at the year low at 51.00.
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Chayut Vachirathanakit
Market Analyst – HF Educational Office – Thailand
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