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Verizon Reports Increased Revenue, Flat Profit for Q3

Earnings

With the addition of more than 600,000 wireless contract customers, Verizon reported an increase in operating revenue while profit remained flat for the third quarter compared to the same quarter in 2016.

Total operating revenue in the third quarter was $31.7 billion, up from $30.9 billion for the year-ago quarter. Profit was $3.73 billion. Third-quarter earnings met analysts’ expectations.

Verizon said its network maintained a “high level of performance” despite widespread power outages caused by hurricanes in Texas and Florida, and fires in Northern California. Although the company doesn’t operate in Puerto Rico, it said it has offered assistance to local carriers and government officials working to recover from hurricane damage there.

“Verizon Wireless delivered another quarter of profitable growth combined with strong customer loyalty,” said Lowell McAdam, Verizon’s chairman and CEO. “This success is based on the strength of the Verizon network, and I share the pride of all Verizon employees that our network aided and served first responders and customers when they needed it most following the recent natural disasters. While steadily investing to advance our network leadership and to build the Verizon Intelligent Edge Network, we have also maintained the financial flexibility to increase shareholder dividends for an 11th consecutive year.”

Wireless revenue totaled $21.6 billion for the quarter, down 2.4 percent from the year-ago quarter. The 603,000 postpaid net adds included 91,000 for tablets, and 238,000 for other connected devices led by wearables.

Total wireline revenue increased 1.1 percent, to $7.7 billion, compared to the year-ago quarter; however, excluding revenue from XO Communications and the sale of its data centers, total wireline revenue declined 2.7 percent year over year.

FiOS revenue grew 4.8 percent to $2.9 billion. Verizon added 66,000 FiOS Internet connections and lost 18,000 FiOS video connections. At the end of the quarter, the carrier had 5.8 million FiOS Internet connections, up 3.9 percent, and 4.6 million FiOS Video connections, down .5 percent from the year-ago quarter.

Verizon’s IoT revenue, which includes telematics, increased about 13 percent year over year.


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