Verizon (VZ) Posts Better-Than-Expected Q3 Results
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Price: $50.71 -0.7%
Revenue Growth %: +4.3%
Financial Fact:
Other income and (expense), net: 10M
Today's EPS Names:
MPAA, LTON, KFY, More
Revenue Growth %: +4.3%
Financial Fact:
Other income and (expense), net: 10M
Today's EPS Names:
MPAA, LTON, KFY, More
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Verizon Communications Inc. (NYSE: VZ) posted slightly better-than-expected results for the third quarter on Friday despite drop in revenue for the period.
The largest wireless provider in the U.S. reported third-quarter earnings of 56 cents per share, 2 cents better than the analyst estimate of 54 cents per share.
Revenue in the period dropped 2.1 percent to $26.5 billion, compared to the market consensus of $26.34 billion.
Verizon said that its net additional subscribers in the period totaled 997,000, as its wireless unit added 584,000 retail postpaid and 447,000 total retail customers.
The total number of customers for the company at the end of the quarter was 93.2 million.
"Verizon built on a strong second quarter with a stronger third quarter, resulting in improved earnings performance and substantial cash flow," said Chairman and CEO Ivan Seidenberg. "We are building momentum and are on track to achieve our goal of growing earnings in the second half of the year. We are excited by the opportunities we see to expand wireline margins and the growth we see related to the upcoming launch of next-generation wireless services."
Looking forward, the company reaffirms targets an sees adjusted earnings in the second half of 2010 at the high end range of its guidance.
Shares of Verizon are down 23 cents to $32.29 in premarket trade on Friday.
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The largest wireless provider in the U.S. reported third-quarter earnings of 56 cents per share, 2 cents better than the analyst estimate of 54 cents per share.
Revenue in the period dropped 2.1 percent to $26.5 billion, compared to the market consensus of $26.34 billion.
Verizon said that its net additional subscribers in the period totaled 997,000, as its wireless unit added 584,000 retail postpaid and 447,000 total retail customers.
The total number of customers for the company at the end of the quarter was 93.2 million.
"Verizon built on a strong second quarter with a stronger third quarter, resulting in improved earnings performance and substantial cash flow," said Chairman and CEO Ivan Seidenberg. "We are building momentum and are on track to achieve our goal of growing earnings in the second half of the year. We are excited by the opportunities we see to expand wireline margins and the growth we see related to the upcoming launch of next-generation wireless services."
Looking forward, the company reaffirms targets an sees adjusted earnings in the second half of 2010 at the high end range of its guidance.
Shares of Verizon are down 23 cents to $32.29 in premarket trade on Friday.
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