Verizon exceeds expectations for postpaid phone customer growth

Verizon exceeds expectations for postpaid phone customer growth

Points Highlighted:

  • Verizon added 275,000 postpaid phone subscribers in the second quarter, above FactSet estimates of 174,800, as the reopening of its stores also helped drive subscriber growth.

  • The company has been investing heavily in its 5G wireless network, the much-touted technology that is expected to enable faster internet and better coverage, to make its offerings more attractive in the face of intense competition in the industry.

Analysts and investors closely watch postpaid phone figures, as those customers pay a recurring monthly bill, making them valuable to the carriers.

Verizon’s total operating revenue rose 10.9% to $33.8 billion in the second quarter, compared with estimates of $32.74 billion, according to IBES data from Refinitiv.

“5G sell-through is clearly over 50% of total sales, and the second half of the year will see US carriers continuing to push to upgrade the base to unlimited 5G service plans,” said Jeff Fieldhack, research director at Counterpoint Research.

Excluding items, the company earned $1.37 per share, beating estimates of $1.30.

Capital expenditures was about $8.7 billion in the first half of the year.

Shares of Verizon rose 1.2% in premarket trading.

(Reporting by Eva Mathews in Bengaluru; Editing by Sriraj Kalluvila and Anil D’Silva) Quote Lookup

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