Verizon Communications (NASDAQ:VZ) reported third-quarter earnings of $1.25 per share on Friday, which beat the analyst consensus estimate of $1.24 This is a 2.5% increase over earnings of $1.22 per share from the same period last year.
The company reported quarterly sales of $32.894 billion, which beat the analyst consensus estimate of $32.74 billion by 0.47%. This is a 0.88% increase over sales of $32.607 billion the same period last year.
Verizon also reported total consumer revenue of $22.7 billion, an increase of 1.4% year over year.
The company also trumpeted 193,000 retail postpaid net additions, including 239,000 phone net additions, more than double the 112,000 phone net additions in third-quarter 2018, and 372,000 postpaid smartphone net additions.
Business revenue was $7.9 billion, approximately flat year over year.
It also reported 408,000 retail postpaid net additions, including 205,000 phone net additions.
Total consolidated operating revenues in third-quarter 2019 were $32.9 billion, up 0.9% from third-quarter 2018. This growth was primarily driven by higher wireless service revenue, partially offset by lower wireless equipment revenue and declines in legacy wireline revenue, predominantly in the Business segment.
Said CEO Hans Vestberg, "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.”
Shares backtracked four cents to $60.54
Tech Insider
