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Verizon Beats Third Quarter Earnings on Strong US Wireless Numbers

  +Follow October 17, 2013 10:27AM
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Verizon Communications Inc. (VZ) posted third quarter earnings on Oct 17, and the telecom giant exceeded Wall Street estimates on strong American wireless sales. The earnings beat follows the agreement of a blockbuster deal in September between Verizon and Vodafone plc (VOD) wherein Verizon buys out Vodafone’s 45 percent share in their wireless division for $130 billion.

The Global Telecom Shuffle

The biggest telecom companies on the planet have been divvying up markets since the Vodafone-Verizon deal. With the deal, Verizon has let enterprise and wireline dwindle while focusing on becoming the leader in American wireless, a division that now accounts for 67 percent of their revenue and the majority of their growth.

Other telecoms have followed suit, attempting to carve out their own niche. Vodafone will most likely take over Verizon’s stake in Italian wireless. In turn, several players have been jockeying for some time over the fate of Italian telecom Telecom Italia Spa (TI) , who have a major foothold in the burgeoning Latin American market.

 Verizon is the largest cellular provider in the US, and looks to continue focusing the majority of their business in that market and stave off rivals T-Mobile US Inc. (TMUS) , who is looking to improve its 4G network in the US, and AT&T Inc. (T) who is eyeballing expansion into Europe.

The Numbers

The company added 927,000 wireless subscribers, and sold 7.6 million smartphones for Apple Inc. (AAPL) . While the subscriber numbers were down, the company beat revenues and earnings estimates slightly, boding well as they move into the traditionally higher-cost holiday season.

For the third fiscal quarter, Verizon reported net income of $2.2 billion, or $0.77 per share, versus the $1.59 billion, or $0.56 per share, from the same period a year ago. Revenue for the quarter was $30.28 billion, as compared to $29.01 billion from the previous year. Analysts were expecting a profit of $0.73 per share on revenues of $30.16 billion.

Verizon was up in midday trading, gaining 3.32 percent to hit $48.82 a share.

 

(image courtesy of WIkimedia Commons)

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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19 Sep 14 21:52:49
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19 Sep 14 20:45:18
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19 Sep 14 20:22:57
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19 Sep 14 20:21:50
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19 Sep 14 19:21:16
Verizon Can Defend Mobile Growth From Price Competition http://t.co/dq354Og0e0 $VZ, $T, $TMUS, $S
JD Sanders
19 Sep 14 18:58:10
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19 Sep 14 18:20:42
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Stocks Pastor
19 Sep 14 17:52:05
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19 Sep 14 16:29:48
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Woll Street
19 Sep 14 15:46:49
$T $VZ strong B/O moves today...
Stock_Tracker
19 Sep 14 15:41:13
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19 Sep 14 15:40:16
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19 Sep 14 14:40:47
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US Banking News
19 Sep 14 14:14:03
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US Banking News
19 Sep 14 14:13:57
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19 Sep 14 14:05:46
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19 Sep 14 13:50:09
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19 Sep 14 13:38:41
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Annie
19 Sep 14 13:13:25
So $VZ & other carriers jumped in afternoon because of huge iPhone 6 sales, but $AAPL shares fell? Options, I assume; Good support high 90's
Klaus Daimler
19 Sep 14 13:04:49
@TheDomino That and the NFL is probably $VZ biggest advertising platform.
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19 Sep 14 13:00:44
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Yu Zhu
19 Sep 14 12:54:44
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Yellen's Yodel ™
19 Sep 14 12:44:51
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stockmaster
19 Sep 14 12:35:36
RT @RiskReversal: Per @FactSet if $BABA were in the S&P 500 would be 12th largest by market cap in between $PG and $VZ http://t.co/I0tCgXsC…
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19 Sep 14 12:35:02
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Ravi Romo
19 Sep 14 12:30:23
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19 Sep 14 12:29:29
$VZ Heading Higher into the close!
Dan Nathan
19 Sep 14 12:25:58
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Stock Wire
19 Sep 14 12:20:48
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19 Sep 14 12:17:13
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  +Follow October 17, 2013 10:27AM
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