Verizon Communications Inc (NYSE:VZ, ETR:BAC) shares have slipped close to 1.5% after the telecom giant revealed it retained more customers than expected, while also beating Wall Street’s profit estimates.
Customers signed up to Verizion’s post-paid phone contracts slipped by 68,000 in the last quarter, against analysts’ expectations that the group would drop 100,000 customers.
Much of the improvements were made by the 90,000 net additions in Verizon’s business unit, offsetting the 158,000 customers lost in its consumer segment.
It marks a significant improvement from the 263,000 customers lost in the first quarter of 2023 and is the best quarterly performance in this regard since 2018.
Verizon has struggled in recent years to deal with the growth in its wireless rivals, battling with the lack of demand by simplifying pricing for certain plans and offering perks such as Netflix of HBO Max subscriptions.
Adjusted earnings per share came in at US$1.15, down on 2023’s US$1.20 but rising ahead of Wall Street consensus of US$1.12.
Revenues reached US$33 billion for the quarter, flat against 2023 and slightly ahead of analysts’ predictions of US$33.2 billion.