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 thiRead More – Source