Verizon Communications Inc. (NYSE: VZ) topped revenue and earnings estimates for the third quarter of 2019, allowing shares to climb over 1% in premarket hours on Friday.
Consolidated revenues of $32.9 billion were up 0.9% from the same period last year and ahead of the consensus estimate of $32.7 billion. Revenue growth was driven mainly by higher wireless service revenues.
GAAP net income grew 5% year-over-year to $5.3 billion, or $1.25 per share. Adjusted EPS was $1.25, above forecasts of $1.24.
Wireless revenues, on an adjusted basis, grew 2.6% year-over-year to $23.6 billion while wireline revenues dropped 3.8% to $7.1 billion.
Consumer segment revenues grew 1.4% year-over-year to $22.7 billion, driven by growth in wireless service revenue and Fios service offerings. Wireless retail postpaid net additions totaled 193,000 during the quarter. Phone net additions more than doubled year-over-year to 239,000.
The company saw a growth in postpaid smartphone net additions, driven by a 10% increase in phone gross additions. Consumer wireless service revenues rose 2.1%, driven by customer step-ups to higher-priced plans and an increase in connections per account. Total retail postpaid churn was 1.05%.
In the Business segment, revenues remained flat year-over-year at $7.9 billion, as growth in wireless revenue was offset by declines in wireline products. Wireless retail postpaid net additions rose 12.1% to 408,000. Retail postpaid churn was 1.22%.
Media revenues dropped 2% to $1.8 billion versus the prior-year period, as gains in mobile advertising were offset by declines in desktop advertising.
For the full year of 2019, Verizon expects a low single-digit percentage growth in both adjusted EPS and GAAP consolidated revenues.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
Signet Jewelers (SIG) Q4 2025 Earnings fall on lower sales
Signet Jewelers Limited (NYSE: SIG) on Wednesday reported a decrease in adjusted earnings and net sales for the fourth quarter of 2025. Fourth-quarter sales declined 6% to $2.35 billion from
Paychex (PAYX) gears up for Q3 earnings with focus on business expansion
Paychex Inc. (NASDAQ: PAYX), a leading provider of human resources and payroll services, is expanding its artificial intelligence capabilities to stay relevant in the evolving HR landscape, while also increasing
What to look for when KB Home (KBH) reports Q1 2025 earnings results
Shares of KB Home (NYSE: KBH) dropped 1% on Tuesday. The stock has dropped 14% over the past three months. The homebuilder is slated to report its first quarter 2025
Comments
Comments are closed.