Verizon falls on higher-than-expected subscriber loss in first quarter

Verizon Communications' VZ.N shares fall 2% to $42.12

Telecom giant posts first-quarter revenue of $33.5 billion, edging past analysts' estimates of $33.24 billion, according to LSEG data

VZ lost 289,000 monthly bill-paying wireless subscribers in first quarter, whereas analysts expected the company to lose 166,400 subscribers, according to FactSet data

The company saw a higher churn as it raised monthly prices for its customizable myPlan accounts with five lines or more by $3 per line

*"We had a pretty big price up in January, and the elasticity on that price up was higher than what we had anticipated," Sowmyanarayan Sampath, CEO of unit Verizon Consumer, told Reuters

Up to last close, stock had risen 7.4% YTD