Verizon Shares See Biggest Loss Since 2008 After Outlook Cut

Verizon Shares See Biggest Loss Since 2008 After Outlook Cut

Verizon Communications Inc. shares plunged to their biggest drop in 14 years after the mobile-phone company cut its forecast for the second straight quarter, adding to concerns that consumers are pulling back on spending.

The largest US wireless carrier is having difficulty keeping up with rivals on subscriber growth amid heavy phone discounts and decades-high inflation. Verizon said Friday that it added only 12,000 monthly wireless phone subscribers in the second quarter, well below analysts’ predictions for 167,200 new phone customers.

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