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Verizon: shares up after earnings beat, raised guidance

(CercleFinance.com) - Verizon shares rose slightly in early Wednesday morning trading after the telecommunications giant beat expectations.


The New York-based company reported third-quarter adjusted earnings per share of 1.25 dollar, excluding extraordinary items, while analysts expected the carrier to post EPS of 1.22 dollar.

Operating revenue reached 31.5 billion dollars, down 4.1% year-on-year, a decline that was due to lower customer activity ahead of Apple's new iPhone launch.

The operator said it added 139,000 net new customers for Fios, its fiber-optic offer for high-speed Internet, a sharp increase from the 30,000 net adds in the third quarter of 2019.

Verizon also raised its full-year earnings guidance, now expecting adjusted EPS growth of 0% to 2%, up from its previous guidance of -2% to 2%.

The shares are currently up 0.7% on the New York Stock Exchange.

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