Excluding items, Verizon earned 66 cents a share, just above analysts' estimates of 65 cents. Verizon's earnings were up significantly from 38 cents a share in the same period last year, which was impacted by Superstorm Sandy.
The telco brought in revenue of $31.1 billion, an increase of 3.4% from the prior year. Analysts surveyed by Thomson Reuters were looking for revenue of $31.02 billion.
The beat helped push Verizon shares up 0.72% to $48.70 before market open.In its wireless business, Verizon made 1.7 million retail net additions to its customer base during the quarter, including 1.6 million postpaid net additions. Verizon Wireless revenue was $21.1 billion, up 5.7% from the same period last year. The company's wireless service revenue grew 8% from the prior year's quarter. Verizon's smartphone penetration is also increasing. At the end of 2013, smartphones made up 70% of the Verizon Wireless retail postpaid customer phone base, up from 67% at the end of 2012. -- Written by James Rogers in New York. Follow @jamesjrogers >Contact by Email.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV