With the net addition of 515,000 wireless subscribers, Verizon reported a more than 35 percent increase in profit and nearly 3 percent increase in operating revenue for the third quarter compared to the same quarter in 2017.
Revenue was $32.6 billion, up from $31.7 billion for the year-ago quarter. Profit was $5 billion, up from $3.7 billion. Verizon beat Wall Street estimates for profit and new phone subscribers.
“Verizon has posted a third quarter of strong operational and financial performance,” said Hans Vestberg, Verizon CEO. “With the beginning of the 5G era in this fourth quarter, we expect that trend to continue. We are investing in networks, creating platforms to add value for customers and maintaining a focused, disciplined strategy. Verizon is best positioned to take full advantage of the opportunities offered by the new game-changing generation of technology.”
Wireless revenue totaled $23 billion for the quarter, up 6.5 percent from a year ago. The 515,000 net subscriber addition included 295,000 net phone additions, 510,000 postpaid smartphone net additions, tablet losses of 80,000 and 300,000 other connected devices additions — primarily wearables.
Wireline revenue decreased 3.7 percent, to $7.4 billion, compared to the year-ago quarter.
FiOS revenue grew 1.6 percent to $3 billion. Verizon added 54,000 FiOS Internet connections and lost 63,000 FiOS video connections impacted by ongoing shifts away from linear video offerings.
Verizon’s IoT revenue, including Verizon Connect, increased about 12 percent year over year.