Verizon is reporting another strong quarter on the back of solid wireless numbers.
Verizon Wireless added 927,000 subscribers (net) in the quarter that ended Sept. 30. The average Wall Street prediction was 1 million, but the carrier overcame falling short of expectations by growing revenue and posting a higher profit thanks to customers spending more on services, Reuters noted.
Profit in the third quarter was $2.2 billion, up from $1.6 billion in Q3 2012. Overall, revenue was up 4.4 percent, from a little more than $29 billion to $30.3 billion. That topped Wall Street's expectations. Wireline revenue sliipped by more than 4 percent, but the 7 percent gain on the wireless side more than made up for it.
The carrier sold approximately 3.9 million iPhones last quarter, the vast majority of those in the final week of September after Apple's new iPhone 5s and 5c went on sale.
Verizon recently agreed to buy Vodafone's 45 percent stake in Verizon Wireless, making it the sole owner of the wireless entity once closing conditions are met and the companies get regulatory approval for the transaction.
Verizon added 173,000 net subscribers for its FiOS Internet service last quarter, and 135,000 for FiOS TV.
“These strong third-quarter results reflect Verizon’s long-term investment in reliable, high-quality networks to deliver value to customers," said Lowell McAdam, Verizon chairman and CEO. "Our unwavering focus on wireless, FiOS and strategic enterprise services has produced consistent performance, and we’ve delivered double-digit earnings growth in six of the past seven quarters. Verizon’s strategic networks form a powerful distribution platform for future growth and innovation."
Verizon's stock price was up more than 3 percent on the news Thursday, to $48.76 per share, as of 12:04 p.m. ET.
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