Justin Solomon | CNBC
Lowell McAdam, Verizon CEO, speaking on Dec. 8, 2015.
How Verizon did in Q3
- Adjusted EPS: 98 cents a share, excluding items vs. 98 cents per share expected by a Thomson Reuters consensus estimate
- Revenue: $31.72 billion vs. $31.45 billion estimated by a Thomson Reuters consensus estimate
- Net adds: 603,000 (486,000 smartphones) vs. increase of 438,000 retail postpaid connections expected by StreetAccount
That’s compared to earnings of $1.01 a share on revenue of $30.94 billion in the year-ago period. Verizon reported 442,000 retail postpaid net additions in third-quarter 2016.
Verizon shares edged higher in premarket trading, rising nearly 2 percent. The company said that the earnings reflect a 1-cent-per-share impact as a result of the natural disasters in Florida and Texas, and said the comany also offered services in northern California and Puerto Rico.
“I share the pride of all Verizon employees that our network aided and served first-responders and customers when they needed it most following the recent natural disasters,” CEO Lowell McAdam said in a statement.
McAdam said that Verizon still has the flexibility to up dividends.
Verizon has looked to lure customers from the competition with unlimited data plans, as smartphone makers unveil their holiday-ready handsets. At the same time, the telecom company is moving deeper into advertising through its acquisition of Yahoo, a business that provides a sizeable chunk of sales for the company.