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Verizon Communications : revenue beats as promotions help attract postpaid users

10/20/2015 | 08:31am EDT
File photo of People walking by the Dow Jones electronic ticker at Times Square in New York

(Reuters) - Verizon Communications Inc reported better-than-expected quarterly revenue and profit as heavy promotions helped the company attract postpaid subscribers amid the launch of Apple Inc's new iPhones.

The largest U.S. wireless service provider has been facing stiff competition from companies such as T-Mobile US Inc and Sprint Corp, who have been offering massive discounts on call and data plans.

Apple launched the iPhone 6S and 6S Plus in September, triggering heavy promotional activity in the telecoms industry towards the end of the third quarter.

Verizon shares rose about 2 percent in premarket trading on Tuesday.

The company net added 1.3 million wireless retail postpaid subscribers in the quarter compared with 1.1 million in the second quarter.

Drexel Hamilton analyst Barry Sine said the subscriber numbers were slightly better than expected.

However, Verizon's average revenue per account (ARPA) declined to $152.38 from $153.73.

As its ARPA comes under pressure, Verizon is entering new markets such as mobile video and "Internet of Things" - the concept of connecting everything from industrial machines to household devices to the Internet - to boost its earnings.

Revenue from its Internet of Things and related offerings rose to about $175 million from $165 million in the prior quarter.

Revenue from FiOS high-speed Internet, TV and phone service rose 7.5 percent from a year earlier to $3.4 billion.

The net income attributable to Verizon rose 9.3 percent to $4.04 billion, or 99 cents per share, in the quarter ended Sept. 30.

Excluding items, the company earned $1.04 per share, slightly higher than the average analyst estimate of $1.02, according to Thomson Reuters I/B/E/S.

Total operating revenue rose 5 percent to $33.16 billion, beating analysts' expectations of $32.94 billion.

Verizon shares were trading at $45.50 before the bell. Up to Monday's close, the stock had fallen about 4.5 percent this year.

(Reporting by Devika Krishna Kumar in Bengaluru; Editing by Kirti Pandey)

By Devika Krishna Kumar

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Financials (USD)
Sales 2021 135 B - -
Net income 2021 21 874 M - -
Net Debt 2021 144 B - -
P/E ratio 2021 10,6x
Yield 2021 4,55%
Capitalization 231 B 231 B -
EV / Sales 2021 2,77x
EV / Sales 2022 2,72x
Nbr of Employees 129 300
Free-Float 96,5%
Duration : Period :
Verizon Communications Technical Analysis Chart | VZ | US92343V1044 | MarketScreener
Technical analysis trends VERIZON COMMUNICATIONS
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 30
Last Close Price 55,72 $
Average target price 60,58 $
Spread / Average Target 8,73%
EPS Revisions
Managers and Directors
Hans Erik Vestberg Chairman & Chief Executive Officer
Matthew D. Ellis Chief Financial Officer & Executive Vice President
Kyle J. Malady Chief Technology Officer & Executive VP
Shankar Arumugavelu Global Chief Information Officer
Craig Silliman Chief Administrative & Legal Officer, Executive VP
Sector and Competitors