Investing.com — Verizon Communications Inc. reported blended third-quarter outcomes on Tuesday, with earnings barely beating expectations however income falling brief. The telecom large maintained its full-year steering because it continues to see development in wi-fi and broadband subscribers.
Verizon (NYSE:) posted adjusted earnings per share of $1.19, edging previous analyst estimates of $1.18. Nonetheless, income got here in at $33.3 billion, under the consensus forecast of $33.44 billion. The corporate’s inventory dipped 1.1% following the earnings launch.
For the quarter, Verizon reported 239,000 postpaid telephone web additions, greater than doubling the determine from the identical interval final 12 months. Complete wi-fi service income grew 2.7% YoY to $19.8 billion.
The corporate made important strides in its broadband enterprise, including 389,000 whole broadband web subscribers. This marked the ninth consecutive quarter with over 375,000 broadband web additions. Notably, Verizon reached its fastened wi-fi subscriber goal 15 months forward of schedule, reflecting robust demand for the service.
“This has been a pivotal quarter for Verizon, with transformative strategic strikes and continued operational excellence,” mentioned Verizon Chairman and CEO Hans Vestberg. “We proceed to ship robust ends in mobility and broadband, and we’re on monitor to fulfill our full-year 2024 monetary steering.”
Verizon maintained its full-year 2024 outlook, projecting adjusted EPS of $4.50 to $4.70, in comparison with the analyst consensus of $4.57. The corporate expects whole wi-fi service income development of two.0% to three.5% and adjusted EBITDA development of 1.0% to three.0% for the 12 months.
Whereas the corporate’s efficiency was blended, Verizon’s continued subscriber development and maintained steering recommend resilience in its core companies amid a aggressive telecom panorama.