Investing.com -- Verizon Communications Inc. reported mixed third-quarter results on Tuesday, with earnings slightly beating expectations but revenue falling short. The telecom giant maintained its full-year guidance as it continues to see growth in wireless and broadband subscribers.
Verizon (NYSE:VZ) posted adjusted earnings per share of $1.19, edging past analyst estimates of $1.18. However, revenue came in at $33.3 billion, below the consensus forecast of $33.44 billion. The company's stock dipped 1.1% following the earnings release.
For the quarter, Verizon reported 239,000 postpaid phone net additions, more than doubling the figure from the same period last year. Total wireless service revenue grew 2.7% YoY to $19.8 billion.
The company made significant strides in its broadband business, adding 389,000 total broadband net subscribers. This marked the ninth consecutive quarter with over 375,000 broadband net additions. Notably, Verizon reached its fixed wireless subscriber target 15 months ahead of schedule, reflecting strong demand for the service.
"This has been a pivotal quarter for Verizon, with transformative strategic moves and continued operational excellence," said Verizon Chairman and CEO Hans Vestberg. "We continue to deliver strong results in mobility and broadband, and we are on track to meet our full-year 2024 financial guidance."
Verizon maintained its full-year 2024 outlook, projecting adjusted EPS of $4.50 to $4.70, compared to the analyst consensus of $4.57. The company expects total wireless service revenue growth of 2.0% to 3.5% and adjusted EBITDA growth of 1.0% to 3.0% for the year.
While the company's performance was mixed, Verizon's continued subscriber growth and maintained guidance suggest resilience in its core businesses amid a competitive telecom landscape.