Reviewing Verizon's Quarter With Morgan Stanley - Verizon Communications (NYSE:VZ)

In a report published Wednesday, Morgan Stanley analyst Simon Flannery commented on

Verizon Communications Inc.

Verizon's Wireless Service margins of 55.8 percent were 500 basis points higher than Flannery's estimates while SG&A was $700 million lower than his estimates.
Wireless equipment revenue of $3.4 billion was higher than the $3.2 billion Flannery expected.
The Take rate for the Edge program was 39 percent in the quarter and approaches 50 percent – ahead of prior guidance of approximately 35 percent.
Postpaid churn of 1.03 percent was lower than expected and better than the 1.07 percent the company reported last year.

Wireless Services Revenue fell 0.4 percent year over year and 1.6 percent quarter over quarter.
Wireless Postpaid net adds of 565,000 was lower than the consensus.
Wirelines Revenues were 2.0 percent lower year over year.
Wirelines EBITDA margins of 22.7 percent was lower than consensus expectations, but still improved 22.5 percent a year ago.