NEW YORK: Shares of Verizon Communications Inc. VZ, +1.21% were up a little more than 1% after it said on Tuesday it had net income of $4.2 billion, or 99 cents per share in the third quarter, up from $3.8 billion, or 89 cents per share in the year-prior period.
The wireless, Internet and cable TV provider reported adjusted per-share earnings of $1.04, above the FactSet consensus of $1.02. Verizon reported revenue of $33.2 billion, an increase from last year’s third-quarter revenue of $31.6 billion, and edging out the FactSet consensus of $32.9 billion.
Verizon said its positive earnings were fueled by growth in its wireless and Fios segments. “Fios customer growth also improve from the previous quarter,” Verizon Chief Executive Lowell McAdam said in a statement. “We expect future revenue growth from mobile over-the-top video, including digital advertising, and the Internet of Things.” In September, Verizon launched go90, a mobile-first social entertainment platform, and acquired AOL Inc. back in June for $4 billion. In the first nine months of 2015, Verizon spent about $22 billion on spectrum licenses and capital for future network capacity. Shares of Verizon are down more than 4% in the year to date, while the S&P is down a little more than 1%.
