Verizon Beats Earnings Estimates But Misses on Postpaid Subscribers

Reuters  |

Image source: Verizon

(Reuters) - Verizon Communications Inc said on Tuesday it added fewer monthly bill-paying phone subscribers than expected during the fourth quarter, as it faced increased competition from rivals T-Mobile US Inc and AT&T Inc.

The company added 279,000 postpaid phone subscribers in the quarter, below FactSet estimates of 443,100.

The economic uncertainty surrounding the COVID-19 pandemic has caused people to rethink spending.

The onset of the 5G era with the latest iPhones has left customers exploring various available options among the big three carriers that continue to invest in the rapidly evolving technology, intensifying competition for Verizon.

Subscribe to get our Daily Fix delivered to your inbox 5 days a week

Total operating revenue for Verizon fell 0.2% to $34.7 billion, compared with estimates of $34.43 billion, according to IBES data from Refinitiv.

Net income fell to $4.72 billion, or $1.11 per share, in the fourth quarter ended Dec. 31, from $5.22 billion, or $1.23 per share, a year earlier.

Reporting by Eva Mathews in Bengaluru; Editing by Shounak Dasgupta.

Click to enlarge

Image: Q4 2020 Highlights. Source: Verizon

_____

Source: Reuters, Verizon

Market Movers