Verizon profit beats estimates as more users sign up
Reuters
Published Apr 21, 2015 08:20AM ET
Verizon profit beats estimates as more users sign up
(Reuters) - Verizon Communications Inc (NYSE:VZ)'s quarterly profit beat analysts' expectations, helped by higher net addition of postpaid subscribers as users added more devices to data plans.
Shares of Verizon rose 0.6 percent to $49.65 in premarket trading.
The largest U.S wireless company added a net 565,000 retail postpaid subscribers in the first quarter ended March 31. Customer defections, known as churn, in postpaid accounts fell to 1.03 percent from 1.07 percent a year earlier.
Total revenue in the company's wireless business rose 6.9 percent to $22.33 billion. Revenue in its FiOS Internet and video product business rose 10.2 percent to $3.35 billion.
Verizon's retail postpaid average revenue per account fell to $156.14 from $159.67.
Net income attributable to Verizon was $4.22 billion, or $1.02 per share, in the first quarter, compared with $3.95 billion, or $1.15 per share, a year earlier.
Revenue rose to $31.98 billion from $30.82 billion.
Analysts on average had expected earnings of 95 cents per share on revenue of $32.27 billion, according to Thomson Reuters I/B/E/S.
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Written By: Reuters
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