Verizon Matches Profit Expectations but Beats on Revenue
Investing.com - Verizon Communications (NYSE:VZ) reported earnings per share that were broadly in line with market expectations on Thursday, but posted stronger than forecast revenue.
The telecom company reported earnings per share of 98 cents on revenue of $31.72 billion in the June-Sept. quarter. Analysts had expected EPS of 98 cents on revenue of $31.44 billion.
Wireless retail postpaid connections base rose by 603,000. Total retail postpaid churn was 0.97%, with strong customer loyalty demonstrated by retail postpaid phone churn of 0.75%.
Wireline revenue rose 1.1% to $7.7 billion, with Fios revenue rising 4.8%.
The company expects 2017 organic revenue to be "fairly consistent" with 2016.
"Verizon Wireless delivered another quarter of profitable growth combined with strong customer loyalty," said Chairman and CEO Lowell McAdam.
Verizon shares climbed 1.1% to $49.20 in trading prior to the opening bell.
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