Verizon Q3 Profit Tops Estimates

reported better-than-expected earnings for the third quarter on Tuesday. The New York-based company posted quarterly net income of $4.2 billion, or $0.99 per share, compared to $3.8 billion, or $0.89 per share, in the year-ago period. Its adjusted earnings came in at $1.04 per share. Its revenue climbed to $33.2 billion from $31.6 billion. However, analysts were expecting earnings of $1.02 per share on revenue of $32.9 billion. The average estimate among 73 Estimize users was for earnings of $1.03 per share and revenue of $32.92 billion. Cash flow from operating activities climbed to $28.4 billion at the end of third quarter, versus $23.2 billion at the end of year-ago quarter. Verizon Wireless reported 1.3 million retail postpaid net additions during the quarter. Wireless revenue climbed 5.4 percent to $23.0 billion in the quarter. "Verizon continues to grow earnings by delivering network reliability and superior value that continues to attract new customers," said Chairman and CEO Lowell McAdam. "Verizon Wireless posted another quarter of quality connections growth – even better than in the second quarter – while maintaining high customer loyalty and profitability. Meanwhile, fios customer growth also improved from the previous quarter. We expect future revenue growth from mobile over-the-top video, including digital advertising, and the Internet of Things." Verizon shares gained 1.33 percent to $45.09 in pre-market trading.