logo-loader
viewVerizon Communications Inc.

Verizon Communications posts strong third quarter, beats on earnings and revenue

The largest US wireless carrier by subscribers beat analyst estimates for earnings and revenue in the three months to end September

Verizon Communications Inc. -
In the third quarter, the firm logged 615,000 postpaid smartphone net additions, compared with 510,000 in the same period last year

Shares in Verizon Communications Inc (NYSE:VZ) perked up in pre-market trade before easing back slightly at the open on Friday as investors assessed a strong set of third-quarter numbers from the firm, which showed an increase in mobile phone customer sign-ups.

The largest US wireless carrier by subscribers beat analyst estimates for earnings and revenue in the three months to end September.

Net income came in at US$5.34 billion, or US$1.25 per share, up from US$5.06 billion, or $1.19 per share in the third quarter of 2018. Adjusted earnings per share (EPS) was US$1.25, up from US$1.22 last year. Analysts had expected a figure of US$1.24.

Operating revenue climbed to US$32.9 billion, compared to $32.6 billion, beating the consensus figure of US$32.7 billion.

In the third quarter, the firm also logged 615,000 postpaid smartphone net additions, compared with 510,000 in the same quarter a year ago, well above analysts’ estimates of 527,000.  It was, according to the firm, the most third-quarter phone gross additions in five years.

The 'postpaid' figure is closely scrutinized by business scribes, or, in other words, customers that have a recurring bill, because they are more valuable to carriers and tend to remain with the company longer than prepaid customers.

 "Verizon continued its momentum in the third quarter by driving strong wireless volumes in both our Consumer and Business segments, while delivering solid financial results, highlighted by continued wireless service revenue growth, increased cash flow, and EPS growth," said Verizon chairman and chief executive Hans Vestberg.

Contact the author at [email protected]

Quick facts: Verizon Communications Inc.

Price: 60.46 USD

NYSE:VZ
Market: NYSE
Market Cap: $250.05 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Nordic Gold kicks off drilling programme at its Otso mine project in Finland

Nordic Gold Inc (CVE:NOR) chief executive and president Brian Wesson speaks to Proactive London's Andrew Scott soon after announcing that drilling has started at its gold mine project in Finland.  The work includes drilling of between 10,000 and 15,000 metres across 146 holes and is a...

1 hour, 35 minutes ago

2 min read