Verizon exceed expectations with strong Q3 results, meeting financial targets

From GlobeNewswire: 2024-10-22 07:00:00

Verizon Communications Inc. achieved its fixed wireless subscriber target 15 months ahead of schedule, experiencing double-digit growth in total broadband connections. The company remains on track to meet its full-year 2024 financial guidance. In the third quarter of 2024, Verizon more than doubled wireless postpaid phone net additions and reported total wireless service revenue of $19.8 billion. It also saw total broadband net additions of 389,000, with a base of nearly 4.2 million fixed wireless subscribers.

Verizon reported a total consolidated operating revenue of $33.3 billion in the third quarter of 2024, on track with its overall strategy for profitable growth. The company’s consolidated net income was $3.4 billion, down from $4.9 billion in the third quarter of 2023, primarily due to severance charges related to a voluntary separation program for U.S.-based management employees. Adjusted earnings per share were $1.19 in the third quarter of 2024.

Verizon Consumer saw revenue increase to $25.4 billion in the third quarter of 2024, with growth driven by wireless service revenue from postpaid average revenue per account. The segment reported 81,000 wireless retail postpaid phone net additions, marking the seventh consecutive quarter of year-over-year growth in this area. Consumer also reported 209,000 fixed wireless net additions and 39,000 Fios Internet net additions.

Verizon Business had total revenue of $7.4 billion in the third quarter of 2024, with an increase in wireless service revenue offset by a decrease in wireline revenue. The segment reported 281,000 wireless retail postpaid net additions, including 158,000 postpaid phone net additions. Business operating income was $565 million, a 4.8 percent year-over-year increase.



Read more at GlobeNewswire:: Verizon delivers strong third quarter results with customer