- Verizon (NYSE:VZ) gains 1.4% premarket on Q3 beats with a 3% Y/Y revenue growth. Phone subscribers beat estimates thanks to a sweet iPhone deal, but Oath revenue and Fios subscriptions showed some weakness.
- Guidance has full-year consolidated revenue growth at low-to-mid single-digit percentage on a GAAP basis. The company also reaffirms a low single-digit percentage growth in adjusted EPS for the year.
- Verizon cuts its capital spending guidance for the year from $16.6B to $17B from $17B to $17.8B.
- Key subscriber metrics: Phone subscribers who pay a monthly bill grew by 295K net adds in Q3 (consensus: 161K). Fios video subscribers dropped by 63K compared to the 18K decline in last year’s quarter. Fios internet grew by 54K customers (last year: 66K).
- Oath: Revenue from Oath (AOL and Yahoo (NASDAQ:AABA)) was $1.8B, down from $2B in last year’s quarter. Verizon doesn’t expect Oath to reach its target of $10B by 2020.
- Verizon says it’s on track to reach its $10B in cumulative cash savings by 2021.
- Press release.
- Previously: Verizon beats by $0.03, beats on revenue (Oct. 23)
- Now read: Verizon Communications 2018 Q3 - Results - Earnings Call Slides
Original article