Verizon Communications (VZ) reported September-quarter adjusted earnings that topped estimates while revenue came in below Wall Street targets. Verizon stock climbed on Wednesday as it added more postpaid wireless phone subscribers than expected.
For the third quarter, Verizon earnings were $1.41 per share on an adjusted basis, excluding items. Revenue climbed 4.3% to $32.9 billion in the three months ended Sept. 30.
A year earlier, Verizon earned $1.25 a share on revenue of $31.5 billion. Analysts had projected Verizon earnings of $1.37 a share on revenue of $33.2 billion.
Verizon stock climbed 2.1% near 53.45 in morning trades on the stock market today.
The company said wireless service revenue rose 3.9% to $17.1 billion, in line with estimates.
Further, Verizon said it added 429,000 postpaid wireless phone subscribers vs. analyst estimates for a 342,000 gain.
Verizon Stock: Low Relative Strength
Despite its dividend, Verizon stock holds a paltry Relative Strength Rating of 19 out of a possible 99. VZ stock has retreated 12% in 2021.
Rival AT&T (T) reports earnings Thursday.
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