Skip to main content

Verizon Communications (VZ) - Get Verizon Communications Inc. Report on Friday posted better-than-expected third-quarter earnings as wireless subscriber additions continued to top analysts' forecasts.

Verizon said earnings for the three months ended in September were $1.25 a share vs. $1.19 a share in the comparable year-ago quarter. Analysts polled by FactSet had expected per-share earnings of $1.24. Revenue came in at $32.9 billion, above consensus forecasts of $32.7 billion.

Verizon added 601,000 retail postpaid net additions in its wireless business during the quarter, up from 295,000 a year earlier, and 615,000 postpaid smartphone net additions, an increase from 510,000. That came on top of the subscriber additions it recorded in the second quarter, which were also higher than forecasts.

"Verizon continued its momentum in the third quarter by driving strong wireless volumes in both our Consumer and Business segments, while delivering solid financial results, highlighted by continued wireless service revenue growth, increased cash flow, and EPS growth," CEO Hans Vestberg said in a statement.

Scroll to Continue

TheStreet Recommends

The company reiterated its full-year guidance, saying it sees a low single-digit percentage growth rate for adjusted earnings, an improvement from its prior forecast of flat growth from last year.

"Going into the fourth quarter, we are energized by the strong performance of the business and we are confident in our strategy to drive value for our customers and growth for our shareholders."

Shares of Verizon were up 0.45% at $60.32 in Friday trading. 

Save 57% during our Halloween Sale. Don't let this market haunt you and join Jim Cramer's Investment Club, Action Alerts PLUS. Click here to sign up!