- Verizon (NYSE:VZ) has come out of the gate up 6.1%, a strong move after a healthy Q2 revenue beat and subscriber additions that topped estimates.
- The company added 614,000 net retail postpaid subscribers, including 590,000 postpaid smartphone net adds. Retail postpaid churn was 0.94%, and retail postpaid phone churn was 0.70%.
- Adjusted profits grew to $0.96/share from a year-ago $0.94/share (impacted then by a work stoppage).
- "Verizon reignited its growth engine in the quarter, both adding and retaining wireless customers while scaling our media business and continuing to invest in our superior networks," says CEO Lowell McAdam.
- Revenue breakout: Service revenues and other, $26.25B (down 2.2%); Wireless equipment, $4.3B (up 16%).
- For the full year, it's expecting organic revenues consistent with 2016, with "improvement in wireless service revenue and equipment revenue trends," and EPS trends similar to revenue trends.
- It sees capital spending for the year of $16.8B-$17.5B and an effective tax rate toward the low end of 34-36%.
- Press Release
- Now read: The Best Verizon Entry Point In 2 Years
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