Verizon on Tuesday met its quarterly second earnings targets and beat estimates for subscriber growth.
The telecommunications giant reported Q2 2018 net income of $4.12 million with earnings of $1 per share. On an adjusted basis, the company earned $1.20 per share on revenue of $32.20 billion, up from $30.55 billion a year ago.
Wall Street was expecting earnings of $1.14 a share on revenue of $31.8 billion.
As for the subscriber count, the largest US wireless carrier rang up 398,000 new subscribers who pay a monthly bill, topping estimates.
Overall, Verizon said it added 531,000 postpaid accounts, which are considered the most lucrative category of wireless subscribers. Churn for postpaid phones came in at .75 percent for the quarter.
The company says it now has more than 116.5 million total wireless customers.
"Verizon is extremely well-positioned for the future," said Verizon's outgoing chairman and CEO Lowell McAdam. "Our financial and operating results for the first half of 2018 were strong, as evidenced by service revenue, earnings and operating cash flow growth delivered in a highly competitive marketplace."
Here's a look at Verizon's quarter by the numbers:
- Wireless revenue was $22.4 billion in the second quarter, up 5.5 percent from a year ago.
- Unsubsidized pricing is about 82 percent of the post-paid base.
- Wireline revenue was $7.5 billion, down 3,4 percent from a year ago. FioS revenue was up two percent in the second quarter to $3 billion. Verizon added 43,000 FiOS Internet connections and lost 37,000 net video connections.
- Telematics revenue was $241 million.
- Verizon said its capital spending will be between $17 billion to $17.8 billion, including the commercial launch of 5G.
- Quarterly revenue in Verizon's Oath business, which includes the acquisitions of AOL and Yahoo, was flat at $1.9 billion.