Verizon's third-quarter earnings see growth in wireless and Fios businesses
The nation's largest wireless carrier is getting bigger.
Eli BlumenthalSenior Editor
Eli Blumenthal is a senior editor at CNET with a particular focus on covering the latest in the ever-changing worlds of telecom, streaming and sports. He previously worked as a technology reporter at USA Today.
Expertise5G, mobile networks, wireless carriers, phones, tablets, streaming devices, streaming platforms, mobile and console gaming,
on Wednesday announced what it called "strong" third-quarter
, thanks to growth in its wireless phone business and Fios home internet service.
The company reported an earnings per share of $1.05 for the quarter, down from analyst estimates of $1.24 according to Yahoo Finance. On an adjusted non-GAAP basis the company says its EPS was $1.25, beating analyst expectations, with the reported EPS being impacted roughly 5 cents because of COVID-19 as well as a "net pre-tax charge of about $1.1 billion related to a mark-to-market adjustment for pension liabilities."
Revenue for the quarter was $31.5 billion, short of estimates of $31.6 billion, with the drop being partially blamed on "lower customer activity and the timing of certain device launches."
, which are hotly anticipated devices for wireless companies as a way to attract customers from rivals, were only announced last week. The
and 12 Pro won't go on sale until Friday, and the
iPhone 12 Mini
and Pro Max won't be available until November.
Even without the new iPhones, the nation's largest wireless carrier added 283,000 postpaid net smartphone users for the quarter. These users, who pay their phone bills at the end of the month, are valued more highly by the investment community as a key metric of a carrier's success.
The company's Fios home broadband business saw its highest internet additions since the fourth quarter of 2014, with 144,000 net additions. The Fios unit did, however, see 61,000 customers cut its cable TV service.
Verizon has adjusted its guidance for the year to now see adjusted EPS growth of 0 to 2 percent, up from prior guidance of -2 to 2 percent, with wireless revenue in particular set to grow "at least 2 percent" in the fourth quarter.
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