Verizon Posts 4 Percent Jump in Q3 Revenue on Wireless Subscriber Growth

Verizon Posts 4 Percent Jump in Q3 Revenue on Wireless Subscriber Growth
Advertisement
Verizon Communications Inc. on Tuesday reported higher net income and revenue in its third quarter, helped by strong wireless subscriber growth and demand for its FiOS Internet services.

The New York-based company earned $3.69 billion, or 89 cents per share, up from $2.23 billion, or 78 cents per share, in the same period a year earlier, when the company had fewer outstanding shares.

The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share.

The largest U.S. cellphone carrier posted revenue of $31.59 billion, up 4 percent from $30.28 billion a year earlier.

Analysts expected higher revenue of $31.71 billion, according to Zacks.

Verizon, which bought out its wireless division from British cellphone carrier Vodafone Group earlier this year, said it added 1.5 million net retail wireless connections in the quarter. It ended September with 106.2 million wireless connections, including 100.1 million that involved monthly service contracts.

The company also added 162,000 FiOS Internet subscribers and 114,000 FiOS video net subscribers.

Verizon's shares fell 48 cents to $48 in premarket trading. As of Monday's close, the shares had declined slightly more than 1 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 3 percent. The stock has fallen 3 percent in the last 12 months.

© Thomson Reuters 2014

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Quarter, Revenue, Telecom, US, Verizon
Airtel Partners With Unesco to Impart IT Training
HTC's Android 5.0 Lollipop Update Roadmap Leaked; More Devices Tipped
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »