Verizon Communications Inc. (NYSE:VZ) has delivered second-quarter earnings that beat expectations, supported by a big improvement in postpaid phone subscribers.
The telecommunications giant reported total broadband net additions of 418,000 over the period to June 30, 2023, which it said reflected strong demand for fixed wireless and Fios products.
In its wireless division, it reported postpaid phone net additions of 8,000 and retail postpaid net additions of 612,000, resulting in a 3.8% increase in wireless service revenue to $19.1 billion.
Total operating revenue for the quarter declined by 3.5% to $32.6 billion from a year earlier, while net income declined by 10.3% to $4.8 billion.
Adjusted earnings per share fell 7.6% to $1.21, above the $1.17 expected by Wall Street analysts, according to Zacks Investment Research.
"In the second quarter, we showed progress in our key priorities of growing wireless service revenue, delivering healthy consolidated adjusted EBITDA, and increasing free cash flow," chairman and CEO Hans Vestberg said in a statement.
"We look forward to extending our network leadership in the second half of the year by continuing our rapid C-Band deployment as we are laser-focused on providing value to our customers.”
The company’s shares traded 2.6% higher at $34.86 ahead of the market open.
Contact the author at stephen.gunnion@proactiveinvestors.com