Verizon reports Q3 earnings growth

Verizon reports Q3 earnings growth

Verizon has posted revenues of $33.2 billion for its third quarter, helped by strong growth in connections amid increasing competition in the US market.

The company attributed its better-than-expected results to its mobile and fibre optic FiOS units. Its net income was $4.2 billion, a 9.9% increase over the same period a year ago.

Verizon Wireless added 1.3 million monthly subscribers during the period, compared with 1.5 million the year before.

For its FiOS unit, the operator added 114,000 net subscribers to its internet service and 42,000 to its video service.

“Verizon continues to grow earnings by delivering network reliability and superior value that continues to attract new customers,” said chairman and CEO Lowell McAdam. 

“Verizon Wireless posted another quarter of quality connections growth – even better than in the second quarter – while maintaining high customer loyalty and profitability. Meanwhile, fios customer growth also improved from the previous quarter. We expect future revenue growth from mobile over-the-top video, including digital advertising, and the internet of things.”

The operator said that its acquisition of AOL in June will play a key role in its futuregrowth strategy. It has invested in approximately $22 billion in spectrum licences and capital for future network capacity in 2015, and claims to have returned over $11 billion to shareholders in the form of dividends and share repurchases.


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