Verizon (VZ) Reports Best Growth in Recent History with Q2 Results; COO McAdam Becomes CEO
Tweet
Share
E-mail
Get Alerts VZ Hot Sheet
Price: $49.42 +0.47%
Financial Fact:
Net income (loss) attributable to Verizon: 0.89
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Net income (loss) attributable to Verizon: 0.89
Today's EPS Names:
BTTX, VAXX, ELYS, More
Join SI Premium – FREE
Verizon (NYSE: VZ) is looking a little green Friday morning -- and we mean that in the best way possible.
The New York, NY-based communications giant reported a solid second quarter this morning, continuing the trend from many of its rivals.
Revenue grew 2.8 percent to $27.536 billion, besting estimates calling for a more modest $27.43 billion. Verizon noted this was the strongest growth quarter in 10 previous quarters.
Net income swung into positive territory during the second quarter, to $3.604 billion, or 57 cents per share. The Street was looking for earnings of 55 cents per share from Verizon.
Verizon reported 2.2 million net wireless adds, with postpaid accounting for 1.3 million of the total.
Data revs increased 22.2 percent to $5.8 billion for wireless customers, and service revs bulged 6.6 percent to $14.7 billion. Retail postpaid ARPU increased 1.9 percent to $54.12. At the end of the second quarter, the company had 106.3 million total connections, an increase of 6.6 percent.
The news follows strong earnings from peers AT&T (NYSE: T) and Apple (Nasdaq: AAPL), both of which reported earlier in the week. Notably, Verizon did not include specific numbers about the iPhone in its release.
Concurrent with the earnings report Friday, Verizon also announced President and COO Lowell McAdam has been named as President and Chief Executive Officer, taking over for Ivan Seidenberg on August 1st. Seidenberg will remain on as Chairman.
Verizon is modestly higher, up about 0.1 percent early Friday.
The New York, NY-based communications giant reported a solid second quarter this morning, continuing the trend from many of its rivals.
Revenue grew 2.8 percent to $27.536 billion, besting estimates calling for a more modest $27.43 billion. Verizon noted this was the strongest growth quarter in 10 previous quarters.
Net income swung into positive territory during the second quarter, to $3.604 billion, or 57 cents per share. The Street was looking for earnings of 55 cents per share from Verizon.
Verizon reported 2.2 million net wireless adds, with postpaid accounting for 1.3 million of the total.
Data revs increased 22.2 percent to $5.8 billion for wireless customers, and service revs bulged 6.6 percent to $14.7 billion. Retail postpaid ARPU increased 1.9 percent to $54.12. At the end of the second quarter, the company had 106.3 million total connections, an increase of 6.6 percent.
The news follows strong earnings from peers AT&T (NYSE: T) and Apple (Nasdaq: AAPL), both of which reported earlier in the week. Notably, Verizon did not include specific numbers about the iPhone in its release.
Concurrent with the earnings report Friday, Verizon also announced President and COO Lowell McAdam has been named as President and Chief Executive Officer, taking over for Ivan Seidenberg on August 1st. Seidenberg will remain on as Chairman.
Verizon is modestly higher, up about 0.1 percent early Friday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
- Arena Group to rename as Paradium.AI, ticker changing to PAAI
- DA Davidson Reiterates Buy Rating on Box, Inc. (BOX) on Secular Tailwinds for Demand
Create E-mail Alert Related Categories
Corporate News, EarningsRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
