Verizon adds more-than-expected monthly phone subscribers

[October 21, 2020] (Reuters) - Verizon Communications Inc on Wednesday added more monthly bill-paying phone subscribers than expected as people bought new connections to power work-from-home set-ups. The company said it added 283,000 postpaid phone subscribers, above the average estimate of 268,000 for the third quarter, according to research firm FactSet.

 The Verizon store in Superior, Colorado, U.S., July 27, 2017. REUTERS/Rick Wilking

The COVID-19 pandemic has brought global economies to a halt, but the telecom sector has been relatively less affected as more companies adopt work-from-home strategies.

Net income fell to $1.05 per share in the third quarter from $1.25 per share a year earlier, with about 5 cents of COVID-19-related net impacts, Verizon said.

Total operating revenue for the wireless carrier fell 4.1% to $31.5 billion from a year earlier, hurt by lower customer activity and the timing of certain device launches.

The company also said it now expects full-year 2020 adjusted EPS growth of 0% to 2%. Its prior guidance range was -2% to 2%.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr)

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