Verizon Announced Strong Results that Topped Expectations

Published on: 28 Jul, 2017

On Thursday, Verizon Communications Inc. (NYSE, Nasdaq: VZ) reported its financial results for the second quarter of 2017, with earnings and revenue beating analysts’ expectations.

According to the company, revenues for the second quarter was $30.5 billion, surpassing estimates of $29.91 billion. Adjusted earnings per share was $0.96, which met analysts’ estimates of $0.96 per share.

In the second quarter, the company added 614,000 subscribers who pay a monthly bill, which includes tablet customers. The number was less than the increase of 615,000 in the year-earlier period, and beating estimates of 115,000 by JPMorgan. In addition, Verizon added 358,000 phone-only subscribers, compared with 86,000 net additions last year.

“Verizon reignited its growth engine in the quarter, both adding and retaining wireless customers while scaling our media business and continuing to invest in our superior networks,” Lowell McAdam, the Chairman and CEO of Verizon, said in the statement.

“With record customer loyalty and a clean sweep of third-party network quality results, we’re leading the way to provide customers with next-generation broadband, smart cities, telematics, media and Internet of Things services,” he said.

Shares of company increased 3.6% to $46.01 per share in premarket trading on Thursday.

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