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Technology

Verizon meets earnings expectations and beats Wall Street's forecast for revenue

Verizon reported quarterly earnings that met analysts’ expectations on Thursday, and revenue that topped estimates, as it added far more phone customers than Wall Street’s forecast.

How Verizon did in Q3

  • Adjusted EPS: 98 cents a share, excluding items vs. 98 cents per share expected by a Thomson Reuters consensus estimate
  • Revenue: $31.72 billion vs. $31.45 billion estimated by a Thomson Reuters consensus estimate
  • Net adds: 603,000 vs. increase of 438,000 retail postpaid connections expected by StreetAccount

That’s compared to earnings of $1.01 a share on revenue of $30.94 billion in the year-ago period.

Verizon shares edged higher in premarket trading, rising more than half a percent. The company said that the earnings reflect a 1-cent-per-share impact as a result of the natural disasters in Florida and Texas.

Verizon has looked to lure customers from the competition with unlimited data plans, as smartphone makers unveil their holiday-ready handsets. At the same time, the telecom company is moving deeper into advertising through its acquisition of Yahoo, a business that provides a sizeable chunk of sales for the company.

Cell phone service providers have seen expectations shift over the past few years. Phones used to be subsidized on two-year contracts, but most major American carriers have moved toward monthly payment plans as phone costs rise: The latest flagship phone from Apple, the iPhone X, is nearly $1,000.

Consumers have also come to expect more data, with streaming services like YouTube and Apple Music setting new records in terms of viewership and listeners. Verizon launched Verizon Unlimited in mid-February, amid similar plans from rivals T-Mobile and Sprint.

That’s created new challenges for carriers that have made money from data overage fees in the past.

There have also been ongoing reports of a potential tie-up between T-Mobile and Sprint, a proposition that would create a massive competitor for Verizon, although a deal between T-Mobile and Sprint has yet to materialize.

Verizon’s also expanded its media business, Oath, which now includes AOL, Huffington Post and Yahoo, as consumers move away from traditional cable packages and consume more content online. But new advertising powerhouse has been fraught with reports of cybersecurity breaches: all 3 billion of Yahoo’s accounts were hacked in a 2013 data theft.

This is breaking news. Please check back for updates.

Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC and CNBC.com. CNBC also has a content-sharing agreement with Yahoo Finance.

Source: Tech CNBC
Verizon meets earnings expectations and beats Wall Street's forecast for revenue

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