Verizon quarterly revenue tops estimates as subscribers rise

Verizon Communications Inc`s quarterly revenue topped Wall Street analyst estimates on Thursday and the company added more phone subscribers than expected, sending shares of the No. 1 U.S. wireless carrier up in pre-market trading.

The company said that it added 274,000 phone subscribers who pay a monthly bill on a net basis.

Wells Fargo analysts had said in a note on Monday that they expected net additions of 185,000.

Shares, part of the Dow Jones Industrial Average, rose 1.9 percent to $49.55 in pre-market trading.

Net income attributable to Verizon was $3.62 billion, or 89 cents per share, in the third quarter ended Sept. 30, flat from the year earlier period.

Excluding items, earnings per share was 98 cents.

Total revenue rose to $31.72 billion from $30.94 billion a year earlier.

According to Thomson Reuters I/B/E/S, analysts had expected adjusted earnings per share of 98 cents and revenue of $31.45 billion.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)