Verizon (NYSE: VZ) reported first-quarter earnings Tuesday that beat analyst estimates.
Earnings per share were $1.17 vs. $1.10 expected. Revenue came in at $31.78 billion vs. $31.25 billion expected. Net increase of 260,000 retail postpaid connections, compared to 165,000 expected.
Analysts forecast something of a strong report from the incumbent telecom company, even as the industry faces antitrust uncertainty.
Earnings and revenue for the first quarter represent a 23% year-over-year upside and a nearly 7% year-over-year upside, respectively.
The company attributed the growth to "solid performance in the wireless business." Revenue for the wireless division, excluding certain adjustments, totaled $21.9 billion and marked a year-over-year increase of 4.7%.
Net losses in connected phones and tablets were offset by a gain of 359,000 in other connected devices, primarily wearables.
Verizon has struggled in the past to maintain consistent net adds of retail postpaid connections — the number representing users locked into a contract.
The company saw a net increase of 1.2 million postpaid accounts in the previous quarter, but posted a net decline of 307,000 in the year-ago quarter.
Various media reported last week the U.S. Justice Department had requested information from all four major wireless carriers — Verizon, AT&T, T-Mobile and Sprint — as part of an antitrust investigation.
Officials are investigating whether the carriers colluded in stifling technology that would allow customers to more easily change providers.
Shares opened Tuesday up $1.48, or 3%, to $50.14
