Verizon Communications Inc. (NYSE: VZ) reported its most recent quarterly results before the markets opened on Thursday. The telecom giant posted $1.13 in earnings per share (EPS) and $34.8 billion in revenue, while consensus estimates had called for $1.14 in EPS and $34.6 billion in revenue. Last year’s fourth quarter reportedly had $1.12 in EPS and $34.28 billion in revenue.

Verizon Consumer revenues for the latest quarter were $24.2 billion, an increase of 2.0% year over year, driven by continued strong growth in wireless and Fios service offerings, offset by declines in wireless equipment revenue and copper-based wireline services. There were 852,000 retail postpaid net additions, including 588,000 phone net additions.

Verizon Business revenues were $8.1 billion, relatively year over year, due to growth in phone net additions and other connected device net additions. There were 396,000 retail postpaid net additions, including 202,000 phone net additions.

In terms of the Wireless and Wireline segment breakdown within the business and consumer segments, Verizon reported the following:

• Wireless total revenue growth of 3.5% year over year to $25.3 billion in fourth-quarter was driven by a 2.7% increase in service revenue. There were 1.2 million retail postpaid net additions, including 790,000 phone net additions, the highest fourth-quarter phone net additions in six years, and 969,000 postpaid smartphone net additions, up 11.0% year over year.
• Wireline revenues decreased 4.1% year over year to $7.1. There were 39,000 Fios Internet net additions, and Fios total revenue growth was up 0.8% year over year.

Looking ahead to the 2020 full year, Verizon expects to see EPS growth in the range of 2% to 4% and low-to-mid single-digit percentage growth in consolidated revenues. Consensus estimates call for $4.94 in EPS and $133.65 billion in revenue for the year.

Hans Vestberg, board chair and chief executive, commented:

Verizon delivered strong operational performance in the fourth quarter, highlighted by continued wireless customer growth in both Consumer and Business. In 2019, Verizon drove innovation in 5G, established a new operating structure and delivered solid financial results. We entered 2020 with great momentum as we expand our network leadership and remain focused on the customer to provide a best-in-class experience. Our 5G footprint continues to grow as we lead this era of transformational change by building these next-generation networks the right way.

Verizon stock traded down more than 1% early Thursday at $58.82, in a 52-week range of $53.02 to $62.22. The consensus price target is $61.67.

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