GO
Loading...

Verizon Profit Meets Expectations, Revenue Beats

CNBC.com with Reuters
Thursday, 19 Jul 2012 | 8:31 AM ET

Verizon Communicationsreported quarterly earnings in line with forecasts on Thursday, but revenue topped Wall Street's expectations.

Verizon Wireless
Getty Images
Verizon Wireless

After the earnings announcement, the mobile service provider's shares fell in trading before the opening bell. (Click here to get the latest quotes for Verizon.)

Verizon's second-quarter profit rose to $1.83 billion, or 64 cents per share, from $1.61 billion, or 57 cents per share in the same quarter a year ago.

Revenue rose to $28.6 billion from $27.54 billion a year ago, beating analysts' estimates of $28.549 billion.

Verizon added more new subscribers than Wall Street had expected.

Verizon Report Q2 Earnings
The "Squawk Box" news team reports Verizon's second quarter revenues of $28.6 billion versus an estimate of $28.549 billion and meeting expectations of $0.64 earnings per share.

Its Verizon Wireless venture with Vodafone Group added 888,000 net new subscribers in the quarter compared with the average expectation for about 666,000 from seven analysts.

The company said it is on track to increase full-year earnings in the double-digit percentage range, implying an increase of at least 10 percent.

Its wireless service margin based on earnings before interest, tax, depreciation and amortization (EBITDA) was 49 percent, ahead of estimates from three analysts for about 47 percent.

The company said it expected profit margins in its wireline business to continue to improve in the second half of the year after increasing in the second quarter from the first quarter.


  Price   Change %Change
VZ
---

Featured

Contact Technology

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More
  • Matt Hunter is the senior technology editor at CNBC.com.

  • Cadie Thompson is a tech reporter for the Enterprise Team for CNBC.com.

  • Working from Los Angeles, Boorstin is CNBC's media and entertainment reporter and editor of CNBC.com's Media Money section.

  • Jon Fortt is an on-air editor. He covers the companies, start-ups, and trends that are driving innovation in the industry.

  • Lipton is CNBC's technology correspondent, working from CNBC's Silicon Valley bureau.

  • Mark is CNBC's Silicon Valley/San Francisco Bureau Chief covering technology and digital media.