A large outage for telecommunications giant Verizon Communications (NYSE:VZ) is trending on social media and leading to some customers getting emergency alerts on their phones. Here's what consumers and investors should know.
Verizon Outage
Cellular data and voice services for Verizon customers have been impacted on Wednesday by Verizon, one of the 30 companies that make up the Dow Jones Industrial Average.
"We are aware of an issue impacting wireless voice and data services for some customers. Our engineers are engaged and are working to identify and solve the issue quickly. We understand how important reliable connectivity is and apologize for the inconvenience," Verizon said on X.
The company said its engineering teams are working to address the service interruptions.
"We understand the impact this has on your day and remain committed to resolving this as quickly as possible."
Some users have reported that their phones show "SOS" or have no service, according to an NBC News report. The emergency alerts have been reported in large cities, including New York City and Washington, D.C.
A message was sent out to residents in Washington D.C. by the emergency notification system warning of the "nationwide" outage.
"If you have an emergency and can not connect using your Verizon Wireless device, please connect using a device from another carrier, a landline, or go to a police district or fire station to report the emergency," AlertDC told residents.
Downdetector shows spikes in reports of service interruptions for Verizon on Wednesday and for other phone companies, including T-Mobile US (NASDAQ:TMUS) and AT&T Inc (NYSE:T).
While some customers have reported issues with Verizon competitors, other companies haven't reported problems.
"T-Mobile's network is keeping our customers connected, and we've confirmed that our network is operating normally and as expected," a T-Mobile spokesperson told NBC News.
The spokesperson said there could be confusion that some customers are not able to connect with friends or family who use Verizon service.
An AT&T spokesperson also told NBC News that the company was not experiencing issues and that its network was "operating normally."
Future Impact for VZ Stock
Verizon has over 146 million customers and is one of the largest telecommunications companies in the world.
The company is set to report fourth-quarter financial results on Jan. 30 and could see the outage become a key topic for analysts.
Analysts expect the company to report fourth-quarter revenue of $36.06 billion, up from $35.70 billion according to data from Benzinga Pro. The company has beaten analyst revenue estimates in three of the last four quarters.
Analysts expect the company to report fourth-quarter earnings per share of $1.06, down from $1.10 in last year's fourth quarter. The company has beaten analyst estimates for earnings per share in three straight quarters.
Verizon stock appears to be unimpacted by the outage on Wednesday, with shares trading higher on the day. The company will likely be asked about the financial impact of the outage during its earnings report.
VZ Stock Price
Verizon stock is up 2.1% to $39.84 on Wednesday versus a 52-week trading range of $10.60 to $47.36. Verizon shares are up 3.8% over the last 52 weeks.
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