The New York City-based wireless phone service provider reported Q3 adjusted earnings of $1.01 per share, beating out Wall Street’s view of $0.99. Revenue fell 6.7% from last year, however, to $30.94 billion. Analysts had expected higher revenue of $31.07 billion.
Verizon said it added 442,000 retail postpaid customers in the third quarter. At the end of the period, the company had 113.7 million retail connections, up 2.6% from the same time last year.
On the TV and Internet side of its business, the company saw 90,000 Fios Internet net additions in Q3, and 36,000 Fios Video additions.
VZ commented via press release:
“Verizon continues to deliver strong financial and operational results in highly competitive markets while positioning itself for future growth,” said Chairman and CEO Lowell McAdam. “While we transform our company in a challenging environment, we have maintained the financial flexibility to invest in our industry-leading networks to better serve customers, add scale to bring innovation to the mobile media and Internet of Things (IoT) markets, and increase dividends for a 10th consecutive year.”
In the face of waning subscriber growth, Verizon has looked to diversify its business in recent years. The company is in the midst of a multi-billion dollar takeover off Yahoo, and was also linked to recent Twitter takeover rumors.
Verizon shares fell $1.34 (-2.66%) to $49.04 in premarket trading Thursday. Prior to today’s report, VZ had gained 9% year-to-date, nearly doubling the return of the benchmark S&P 500 index during the same period.