Investing.com - Verizon Communications posted third-quarter earnings that matched analyst's expectations on Tuesday and revenue that topped forecasts, highlighted by continued growth at Verizon Wireless, strong cash flow and network innovations.
The firm reported earnings per share of $1.19 on revenue of $32.61bn. Analysts had forecast earnings of $1.19 on revenue of $32.49 bn.
That compared to EPS of $0.98 on revenue of $31.72 bn in the same period a year earlier.
Verizon shares (NYSE:VZ) were up 0.4% to trade at $55.20 in pre-market trade following the report.
"Verizon has posted a third quarter of strong operational and financial performance," said CEO Hans Vestberg. "With the beginning of the 5G era in this fourth quarter, we expect that trend to continue. We are investing in networks, creating platforms to add value for customers and maintaining a focused, disciplined strategy."
"Verizon is best positioned to take full advantage of the opportunities offered by the new game-changing generation of technology."
For the year, Verizon shares are down 18.69%, under-performing the S&P Global 100 which is down 0.25% year to date.
Verizon follows other major Services sector earnings this month
On October 16, Netflix (NASDAQ:NFLX) reported third quarter EPS of $0.89 on revenue of $4 bn, compared to forecasts of EPS of $0.68 on revenue of $4 bn.
Costco (NASDAQ:COST) earnings matched analyst's expectations on October 4, with fourth quarter EPS of $2.36 on revenue of $44.41 bn. Investing.com analysts expected EPS of $2.36 on revenue of $44.23 bn
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar