Verizon Gains on Earnings

Verizon Communications Inc. (NASDAQ:VZ) registered in positive territory shortly after Wednesday's open, on the release of third-quarter financials.

The company Wednesday revealed $1.05 in earnings per share (EPS), compared with $1.25 in 3Q 2019; adjusted EPS (non-GAAP), excluding a special item, of $1.25, compared with $1.25 in 3Q 2019.

Its operating revenue decline was 4.1% from third-quarter 2019. Year-to-date cash flow from operations proved $32.5 billion, an increase of $5.7 billion year over year.

On the consumer end of things, total revenue of $21.7 billion, a decrease of 4.3% year over year.

Verizon reported 136,000 retail postpaid net additions, including 142,000 phone net additions and 258,000 postpaid smartphone net additions.

It also reported 139,000 Fios Internet net additions, an increase from 30,000 Fios Internet net additions in third-quarter 2019, and 144,000 Fios Internet net additions across Consumer and Business, the most since fourth-quarter 2014.

VZ also revealed total wireless service revenue of $16.4 billion, a 0.3% increase year over year. There were also 553,000 retail postpaid net additions, including 283,000 phone net additions and 428,000 postpaid smartphone net additions.

Total retail postpaid churn was 0.9%, and retail postpaid phone churn of 0.7%

Said CEO Hans Vestberg, "We continue to demonstrate our strength and resilience by delivering very strong third-quarter financial results. We are energized by the transformational technology that our 5G Ultra Wideband and 5G nationwide bring. Our purpose-driven culture paired with our network leadership will shape the future, for the better."

VZ shares picked up 27 cents to $57.52