Verizon Posts Higher Revenue, Falls Short of Profit Estimates

Verizon Communications on Tuesday posted lower-than-expected quarterly earnings, but revenue rose as it added customers to its wireless business.

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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