Verizon Communications Inc (VZ)

[cintrix]

Verizon Meets Earnings Estimates as Sales of $31.7B Top Forecasts
[TheStreet.com]
Chris Nolter
TheStreet.comOctober 19, 2017

Verizon Communications Inc. (VZ) posted third-quarter earnings in line with Wall Street expectations on Thursday, Oct. 19. The company reported non-GAAP earnings of 98 cents a share, while analysts expected non-GAAP earnings of 97 cents, according to FactSet. Revenue of $31.7 billion grew 2.5% from the third quarter a year ago and topped forecasts of $31.4 billion. Verizon said that the storms in Florida and Texas reduced earnings by 1 cent a share. Shares of Verizon rose 2.2% in premarket trading on Thursday. Operating revenue from wireless services -- a closely watched figure for wireless carriers -- declined 5.1% from a year ago to $15.8 billion. However, Verizon said that service revenue increased from the prior quarter for the first time in three years.

The company added 274,000 net post-paid phones, topping forecasts of 195,000.

Verizon lost 18,000 net FiOS video subscribers during the quarter, which the telecom attributed to cord-cutting as traditional pay-TV customers shift to online services. Total video subscribers came to 4.6 million.

Chief Finacncial Officer Matt Ellis will address the financials in a call at 8:30 a.m. ET. Investors will listen for details about the impact of less generous iPhone promotions this year, the telecom's preparations for 5G, and the fallout from a larger-than-previously-announced data breach at Yahoo!

The third quarter is also the first full earnings period in which Yahoo! has been a part of Verizon's Oath digital media platform. https://finance.yahoo.com/m/ac93d9df-74c2-3fb0-98ac-881ac242031d/ss_verizon-meets-earnings.html