Verizon reported better-than-expected second quarter earnings as it added 528,000 retail postpaid subscribers and saw gains from 5G adoption.
The wireless giant reported non-GAAP second quarter earnings of $1.40 a share and $1.37 excluding extra items. Revenue for the second quarter checked in at $33.8 billion due to wireless sales gains.
Wall Street was looking for second quarter revenue of $32.74 billion and non-GAAP earnings of $1.30 a share.
Verizon also raised its outlook for the year and now projects adjusted earnings per share to be in the range of $5.25 to $5.35 with wireless service revenue growth of 3.5% to 4%. CEO Hans Vestberg said the company is expanding its 5G Home and 5G Ultra-Wideband deployments.
By the numbers:
- Verizon saw consumer second quarter revenue grow 11.2% from a year ago and 6.7% from the second quarter of 2019.
- 20% of Verizon customers now have 5G capable devices.
- In the second quarter, Verizon added 350,000 wireless retail postpaid net additions including 197,000 phone net additions.
- Verizon added 92,000 FioS Internet net additions in the second quarter. Verizon lost 62,000 video customers in the second quarter.
- Verizon’s SMB sales and enterprise businesses showed traction. Verizon Business added 178,000 wireless retail postpaid net additions with 78,000 phone net additions.
- The company added that Verizon Media revenue was $2.1 billion, up 50% from a year ago. Verizon is selling its media division.
