Verizon has big third quarter as subscribers jump

Thursday, 17 Oct 2013 | 7:41 AM ET
Adam Jeffery | CNBC

Verizon Communications on Thursday posted stronger- than-expected third-quarter earnings and revenue, sending its shares up 3 percent in early trade.

Verizon Wireless added 927,000 net retail subscribers in the quarter, compared with Wall Street expectations of about 1 million customers, according to eight analysts, with estimates ranging from 900,000 to 1.2 million. Verizon is buying out its Verizon Wireless partner Vodafone Group.

Verizon reported a profit of $2.2 billion, or 78 cents per share, compared with $1.59 billion, or 56 cents per share, in the year-ago quarter.

Excluding unusual items, Verizon earned 77 cents per share in the quarter, compared with Wall Street expectations of 74 cents, according to Thomson Reuters I/B/E/S. Revenue rose to $30.28 billion from $29.01 billion. Wall Street expected $30.16 billion, according to Thomson Reuters I/B/E/S.

The company said it expects wireless customer growth to improve sequentially in the fourth quarter. Verizon shares rose 3 percent to $48.65 in premarket trading after closing at $47.25 in the regular New York Stock Exchange session.

--By Reuters

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