Verizon Communications Inc. (NYSE:VZ) notched up a fourth successive quarter of broadband customer additions of more than 400,000 in the third quarter although revenue and net income fell back.
The Delaware-based telco said the company's performance was highlighted by continued wireless service revenue growth, total broadband net additions, and improving profitability.
Total operating revenue of $33.3 billion, was down 2.6% on the year prior, while net income of $4.9 billion, was 2.8% lower. Adjusted EPS fell to $1.22 from $1.32 before.
Adjusted Ebitda did rise, marginally, by 0.2% to $12.2 billion, and the firm saw total broadband net additions of 434,000, the fourth consecutive quarter that it has reported more than 400,000 broadband net additions.
Verizon said it now has around 10.3 million total broadband subscribers, including nearly 2.7 million subscribers on its fixed wireless service.
"We continued to make steady progress in the third quarter with a clear focus on growing wireless service revenue, delivering healthy consolidated adjusted Ebitda and increasing free cash flow," said Verizon chairman and CEO Hans Vestberg.
The company said year-to-date cash flow from operations increased around $600 million year over year, and year-to-date free cash flow increased $2.2 billion year over year.
For the full-year Verizon expects cash flow from operations in the range of $36.25 billion to $37.25 billion and free cash flow above $18 billion, a $1 billion increase from the previously issued guidance.
Other guidance was left unchanged.
Shares of Verizon gained 8.7% by midday Tuesday at $34.12.
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