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Verizon has been aggressively expanding its 5G services,
exceeding its year-end target for high-bandwidth 5G network
nationwide even as the telecom operator sees a delay in
deployment of its lower-frequency spectrum impacting flights.
The telecom giant said a third of consumer wireless phone users
now possess a 5G-capable device.
The company added 558,000 subscribers in the quarter, above the
average estimate of 546,400 from research firm FactSet.
Analysts and investors closely watch the number of new customers
who pay a recurring monthly bill, as they are very valuable to
the carriers. Verizon's shares were up 0.6%, among the top
gainers on S&P 100 index that are trading before the bell.
For 2022, Verizon expects adjusted EPS of $5.40 to $5.55, above
analysts' estimates of $5.39. The company forecasts wireless
service revenue to grow between 9% and 10% in the year.
The company's total operating revenue was $34.1 billion in the
quarter ended Dec. 31, excluding the sale of Verizon Media,
compared with estimates of $34.01 billion, according to IBES
data from Refinitiv.
While wireless service revenue increased, Verizon noted revenue
from legacy wireline products slowed down.
Net income was $4.7 billion, up marginally from a year earlier.
Excluding items, the company earned $1.31 per share, beating
estimates of $1.28.
(Reporting by Richard Rohan Francis and Akash Sriram in
Bengaluru; Editing by Krishna Chandra Eluri)
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