Verizon Communications Inc. (VZ - Get Report) earned $1.12 a share on an adjusted basis in the fourth quarter, topping analysts' estimates by 3 cents, as revenue of $34.3 billion came in slightly below forecasts.
A year earlier, Verizon earned 86 cents a share on revenue of $34 billion.
The company said fourth-quarter retail postpaid net additions were 1.2 million, including 653,000 phone net additions and 873,000 postpaid smartphone net additions. Fios internet net additions in the quarter were 54,000, beating forecasts of 45,300.
The telecommunications giant said it expects adjusted earnings in 2019 similar to 2018's adjusted profit of $4.71 a share. It added it sees "low single-digit percentage growth in full-year consolidated revenues on a GAAP reported basis."
"Verizon finished 2018 by delivering solid financial and operational performance, as evidenced by our strong wireless service revenue and earnings growth," said CEO Hans Vestberg. "2018 was a remarkable year full of 5G firsts, including being first in the world to commercially deploy 5G with our 5G Home product. As we head into 2019 and the 5G era, we're beginning a period of transformational change. We are laser focused on delivering customers a best-in-class and game-changing experience on our networks."
Verizon fell 3.3% to close at $53.28 on Tuesday.
For the fourth quarter 2018, Verizon Media Group revenue was $2.1 billion, down 5.8% from a year earlier.
Verizon Media - the parent company of Yahoo Finance, TechCrunch, HuffPost and other popular media properties - last week disclosed that it was laying off about 800 employees, or 7% of the division's workforce. Verizon created the unit by buying and combining what remained of early internet giants Yahoo and AOL.
Verizon recorded pretax charges of $4.9 billion in the fourth quarter to write down the value of the media business.