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The
telecom firm said it added 148,000 net monthly bill-paying
wireless phone subscribers from April to June, beating analysts'
estimates of 127,870 additions, according to Visible Alpha. It
lost 68,000 subscribers in the prior quarter.
Launched in May last year, Verizon's myPlan allows customers to
pay for only what they need and has helped the company compete
better with AT&T and T-Mobile US in the tightly controlled U.S.
telecom market.
Verizon also partnered with streaming services to offer
promotional bundles from platforms such as Netflix, Warner Bros
Discovery's Max and Disney's services.
It even raised the price of some older plans in March to prompt
customers to switch to the new plans.
The company's consumer business reported 8,000 wireless retail
postpaid phone net losses in the latest quarter, compared with
136,000 losses a year ago.
Still, its revenue of $32.8 billion fell short of analysts'
estimates of $33.06 billion, according to LSEG data.
Analysts have said Verizon is reeling from a historically low
number of people upgrading their phones, although that could
change when Apple releases its latest iPhones later this year.
Shares of New York-based Verizon were down about 1% in premarket
trading. The company's stock price has risen 10% so far this
year.
(Reporting by Harshita Mary Varghese; Editing by Savio D'Souza)
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