Verizon Q3 profit beats estimate as cheaper plans drive monthly subscribers

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Verizon Q3 profit beats estimate as cheaper plans drive monthly subscribers

On Friday, the 25th of October 2019, Verizon Communications Inc., the US-based multinational telco conglomerate based on Midtown Manhattan, NY, had released its Q3 earnings’ report that had beaten Wall Street estimates for both profit and revenue, as the No.

1 US wireless carrier slashed costs of its unlimited plans in a bid to draw in more monthly subscribers. Besides, following reveal of Verizon’s Q3 earnings, several analysts were quoted saying that an upbeat Q3 earnings’ report of Verizon that had beaten Wall St.

estimates by a broader margin, had highlighted the company’s effort on its core wireless business in a highly competitive US wireless market, while it had also added free streaming contents in to its unlimited plans aimed at pulling in more subscribers who would be paying off monthly fees.

According to Verizon’s Q3 earnings’ report released late on Friday (October 25th), the No. 1 US wireless carrier’s net operating profit rose roughly 5 per cent to $1.25 per share or $5.34 billion during the quarter than ended on September 30th from a $5.06 billion or $1.19 billion at the same time a year earlier, beating an analysts’ estimate of $1.24 per share, IBES data from Refinitiv revealed.

Meanwhile, addressing an out-and-out optimism over Verizon’s Q3 earnings’ report, the US wireless carrier’s CFO (Chief Financial Officer), Matt Ellis said to the reporters in a post-earnings’ call, “We added Apple Music and will now have Disney+. As we make it easier for people to step up into unlimited, that brings value for us as well. ”