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The company on Friday reported a loss of 36,000 monthly phone
subscribers in the quarter, compared with Factset estimates of a
loss of 49,300.
Verizon said total revenue rose 2.1% to $33.6 billion for the
three-month period, edging past Wall Street's estimate of $33.54
billion, according to IBES data from Refinitiv.
Strong demand for high-speed internet to facilitate hybrid work
and education has bolstered the bottom line of telecom firms
though analysts reckon the torrid growth will start to ease as
the pandemic loosens its grip on the world.
Verizon has scooped up customers through plans bundled with more
services. It has also seen steady growth in demand for fixed
wireless access (FWA), or home broadband delivered through a 5G
network, in recent quarters.
Net income, however, fell 12.4% to $4.7 billion in the quarter.
Verizon said that included a pre-tax loss from special items of
approximately $1.5 billion, including a pre-tax loss of
approximately $1.2 billion from early debt redemption costs.
Excluding items, the company earned $1.35 per share.
Verizon updated its full-year guidance to expect wireless
service revenue growth at the lower end of the previously guided
range of 9% to 10%.
(Reporting by Eva Mathews and Sonia Cheema in Bengaluru; Editing
by Anil D'Silva)
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