Verizon Communications Inc. (NYSE: VZ) reported its most recent quarterly results on Tuesday before the markets opened. The telecom giant posted $1.22 in earnings per share (EPS) and $32.61 billion in revenue, versus consensus estimates from Thomson Reuters that called for $1.19 in EPS and revenue of $32.51 billion. The same period of last year reportedly had EPS of $0.98 on $31.72 billion in revenue.
During the most recent quarter, Verizon recorded 515,000 retail postpaid net additions, including 510,000 postpaid smartphone net adds. The Wireless segment also saw total revenue growth of 6.1% year over year to $23.0 billion, with Service revenue growth of 2.6%.
The Wireline segment posted 54,000 Fios Internet net adds for the quarter, with total Fios revenue increasing 1.5% to $3.0 billion. Total Wireline revenues were $7.4 billion.
In Verizon’s media business, Oath revenues were $1.8 billion in third-quarter 2018, 6.9% below the same quarter last year. The company expects Oath revenues to be relatively flat in the near term and does not expect to meet the previous target of $10 billion in Oath revenues by 2020.
Looking ahead to the full year, the company expects to see revenue growth at low- to mid-single-digit percentage rates and EPS growth in the low single-digit percentage rates. Consensus estimates call for $4.64 in EPS and $130.77 billion in revenue for the full year.
Hans Vestberg, Verizon CEO, commented:
Verizon has posted a third quarter of strong operational and financial performance. With the beginning of the 5G era in this fourth quarter, we expect that trend to continue. We are investing in networks, creating platforms to add value for customers and maintaining a focused, disciplined strategy. Verizon is best positioned to take full advantage of the opportunities offered by the new game-changing generation of technology.
Shares of Verizon were last seen at $54.98, with a consensus analyst price target of $56.71 and a 52-week trading range of $43.97 to $55.90. Following the announcement, the stock was up less than 1% at $55.25 in early indications Tuesday.