Verizon Communications beat Wall Street estimates for earnings and revenue in the third quarter, thanks to strong growth in the wireless sector.
Verizon reported earnings of 77 cents per share, topping expectations of 74 cents per share. The $2.23 billion profit is 20 percent higher than the company’s $1.59 billion profit a year ago.
Verizon inked $30.28 billion of revenue in the third-quarter, beating Wall Street expectations of $30.16 billion. That’s a 4.4 percent jump over $29.01 billion of revenue in the same quarter last year.
Verizon said it added 927,000 net retail subscribers in the quarter and grew its wireless revenue 7.2 percent.
“These strong third-quarter results reflect Verizon’s long-term investment in reliable, high-quality networks to deliver value to customers,” said Lowell McAdam, Verizon chairman and CEO. “Our unwavering focus on wireless, FiOS and strategic enterprise services has produced consistent performance, and we’ve delivered double-digit earnings growth in six of the past seven quarters.”
Verizon has been expanding its 4G network across Massachusetts in recent years, debuting the network in Boston in 2010, Worcester in 2011, and enhancing service to Shrewsbury last month. The network is now available to more than 303 million people in more than 500 markets nationwide, the retailer said.
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