Verizon Communications on Tuesday posted lower-than-expected quarterly earnings, but revenue rose as it added customers to its wireless business.
Verizon Posts Higher Revenue, Falls Short of Profit Estimates
Revenue did rise as it added customers to its wireless business.
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Verizon reported third-quarter profit of 89 cents per share, up from 78 cents per share a year earlier. Revenue rose 4.3 percent to $31.6 billion.
Analysts, on average, expected a profit of 90 cents per share on revenue of $31.58 billion, according to Thomson Reuters.
In the quarter, Verizon, the largest U.S. wireless carrier, added 1.5 million net subscribers who pay for service after use, beating Wall Street estimates of about 1 million customers.
Total revenues for Verizon’s wireless business grew 7 percent year over year, while falling 0.8 percent for its broadband FiOS internet and video product.
Verizon shares dropped 1.3 percent to $47.84 in premarket trading.
(Reporting by Marina Lopes; Editing by Lisa Von Ahn and Jeffrey Benkoe)
This article originally appeared on Recode.net.
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