Verizon Communications Inc (VZ) – Get Report on Wednesday released stronger-than-expected third quarter results and raised its full-year profit forecast, launching Apple-related offers (AAPL ) – First range of 5G smartphones Get Report
Verizon said adjusted non-GAAP earnings for the three months ending in September were set at $ 1.25 per share, a figure that was stable from a year ago but 3 cents ahead of Street consensus forecast Group revenues, Verizon said, fell 41% from last year to $ 31.5 billion, just below analysts’ estimates of a total of $ 31.6 billion
Looking at the final months of the year, however, Verizon has raised its 2020 adjusted profit growth forecast to a flat 2% range, up from its previous forecast of -2% to 2% , and said wireless revenues would grow « by at least 2% » in the fourth quarter
“We continue to demonstrate our strength and resilience by delivering very strong financial results in the third quarter,” said CEO Hans Vestberg “We are driven by the transformative technology brought by our 5G Ultra Wideband and 5G to the ‘nationwide Our goal-oriented culture, coupled with our network leadership, will shape the future, for the better «
Verizon shares were marked 05% higher in pre-market trading immediately after the results were released to indicate an open bell price of $ 57 55 each
Verizon also added 283,000 mobile phone subscribers who pay a monthly bill, beating the FactSet expected average of 268,000, as the operator begins launching iPhone 12 deals tied to the first line of 5G smartphones from apple
In order to ensure that customers can experience the benefits of 5G, however, Verizon has had to increase its capital spending for 2020 on network deployments and expects total costs to be at the high end. of its previous forecast, ranging between $ 175 billion and 18 $ 5 billion
Verizon Communications, Earnings, NYSE: VZ, Revenue
World news – US – Verizon beats third quarter profit forecast, improves 2020 profit outlook
SOURCE: https://www.w24news.com
