LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » World News

Verizon quarterly subscriber additions top estimates; shares up

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Thu, Jul 27, 2017
07:39 pm
Reuters

Verizon Communications Inc reported quarterly revenue that topped expectations on Thursday as the No. 1 U.S. wireless carrier attracted more subscribers with its unlimited data plan.

Shares jumped 3.6 percent to $46.01 in premarket trading.

In the quarter, Verizon added 614,000 subscribers who pay a monthly bill, including tablet customers, compared to an increase of 615,000 in the year-earlier period. The additions were higher than the JPMorgan estimate of 115,000 and consensus expectations of 70,000, JPMorgan analysts said in a research note on Thursday.

Verizon has been competing for customers with smaller rivals T-Mobile US Inc and Sprint Corp in a saturated U.S. market for wireless service as most consumers already have cell phones.

In February, Verizon reintroduced an unlimited data plan for the first time in more than five years. Since then, other carriers have launched aggressive promotions. Sprint said in June that it was offering free unlimited data, talk and text for a year to consumers who bring their own devices in a promotion aimed at Verizon subscribers.

The company added 358,000 phone-only subscribers, compared with 86,000 net additions a year ago.

Verizon`s unlimited plan, priced at $80 a month for a single line, is more expensive than competing plans. Chief Financial Officer Matthew Ellis said Thursday`s post-earnings conference call that "even with the price premium we have, it shows that customers value the high-quality network experience that we deliver."

Churn, or the rate of customer defections for subscribers paying a monthly bill, was flat at 0.94 percent from the year-earlier period, and lower than analysts` estimates of 1.1 percent, according to JPMorgan.

Jonathan Chaplin, an analyst at New Street Research, called the subscriber numbers "very strong," but added that "we remain cautious on Verizon equity given what we regard as unsustainable margins and returns in a competitive market."

Net income attributable to Verizon rose to $4.36 billion, or $1.07 per share, in the second quarter, from $702 million, or 17 cents per share, a year earlier.

Excluding items, earnings were 96 cents per share.

Total operating revenue edged up to $30.55 billion from $30.53 billion a year earlier.

Analysts expected adjusted earnings per share of 96 cents on revenue of $29.91 billion, according to Thomson Reuters I/B/E/S.

The latest quarter included a gain from the sale of data centers and lower expenses. Earnings in the year-earlier period were also hurt by a strike in the wireline business.

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

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:

LATEST NEWS

This trick will grow your money much better | Mutual Fund Sahi Hai - Varun Sridhar, Manikaran Singhal EXPLAIN how to get rich faster

ZeeBiz report gets thumbs-up from govt: Scrappage policy green flagged by Modi Cabinet; Anil Singhvi decodes impact on owners, auto-makers | Explained

Took Credit Card loan and turned defaulter over payment of EMI? RBI helps you this way, says money expert Pankaj Mathpal

SBI MF Retirement Benefit Scheme: 200% returns than FD! Term insurance of up to Rs 50 lakh! Should you invest? EXPLAINED

SBI vs HDFC Bank vs ICICI Bank: This bank will give MASSIVE return under Senior Citizen Special FD Scheme

Apple iOS 14.4 fixes 3 bugs ''actively exploited'' by hackers

Taapsee Pannu shares process of making a ''random video''

Kangana Ranaut: Indians supporting farmers' protests are ''terrorists'', should be jailed

Tata Steel, JSW Steel, SAIL to Jindal Steel - Important trend sighted, check impact

Crorepati calculator: Your Rs 300pd savings can make you a crorepati! Kartik Jhaveri reveals how to become rich - MONEY tip

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved