NEW YORK: Verizon Communications on Wednesday beat estimates for quarterly results, as higher demand for 5G-related services and devices helped the wireless carrier add more subscribers at a brisk pace.
The company has been investing heavily in its 5G wireless network, the much-touted technology that is expected to enable faster internet and better coverage, to make its offerings more attractive in the face of intense competition in the industry.
Verizon added 275,000 postpaid phone subscribers in the second quarter, above FactSet estimates of 174,800, as the reopening of its stores also helped drive subscriber growth.
Verizon’s total operating revenue rose 10.9 per cent to $33.8 billion in the second quarter, compared with estimates of $32.74 billion, according to IBES data from Refinitiv.
Excluding items, the company earned $1.37 per share, beating estimates of $1.30.
Capital expenditures was about $8.7 billion in the first half of the year.