FILE PHOTO: A man stands next to the logo of Verizon at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez/File Photo
October 25, 2019
(Reuters) – Verizon Communications Inc <VZ.N> beat Wall Street estimates for third-quarter profit and revenue on Friday, as it signed up more phone customers who pay a monthly bill.
The company added 615,000 postpaid customers, above analysts’ estimates of 527,000 subscribers, according to research firm FactSet.
The results come as the largest U.S. wireless carrier by subscribers prepares to roll out 5G mobile technology in more than 17 cities by the end of the year.
Net income rose to $5.34 billion, or $1.25 per share, in the third quarter ended Sept. 30 from $5.06 billion, or $1.19 per share, a year earlier.
Excluding items, Verizon earned $1.25 per share, edging past analysts’ average estimate of $1.24, according to IBES data from Refinitiv.
Total operating revenue rose nearly 1% to $32.89 billion, beating the average estimate of $32.75 billion.
Revenue from its media unit fell 2% to $1.8 billion.
The wireless carrier has sought to revamp its media unit, Verizon Media, which includes Yahoo, HuffPost and TechCrunch. The company recently sold its social media platform Tumblr.
The company’s shares were up 1% in premarket trading.
(Reporting by Neha Malara in Bengaluru; Editing by Anil D’Silva and Sriraj Kalluvila)
